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Dynamic optimisation in the presence of threshold effects when the location of the threshold is uncertain - with an application to a possible disintegration of the Western Antarctic Ice Sheet

  • Naevdal, Eric

The purpose of this paper is to derive necessary conditions for the optimal control in the presence of threshold effects when the threshold is a curve in n-dimensional space of uncertain location. The usefulness of these conditions is shown by examining the optimal regulation of two greenhouse gases when there is a risk that the combined radiative forcing from these two gases may lead to the catastrophic event that the Western Antarctic Ice Sheet disintegrates.

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Article provided by Elsevier in its journal Journal of Economic Dynamics and Control.

Volume (Year): 30 (2006)
Issue (Month): 7 (July)
Pages: 1131-1158

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Handle: RePEc:eee:dyncon:v:30:y:2006:i:7:p:1131-1158
Contact details of provider: Web page: http://www.elsevier.com/locate/jedc

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  6. Tsur Yacov & Zemel Amos, 1995. "Uncertainty and Irreversibility in Groundwater Resource Management," Journal of Environmental Economics and Management, Elsevier, vol. 29(2), pages 149-161, September.
  7. Keller, Klaus & Bolker, Benjamin M. & Bradford, D.F.David F., 2004. "Uncertain climate thresholds and optimal economic growth," Journal of Environmental Economics and Management, Elsevier, vol. 48(1), pages 723-741, July.
  8. Tsur, Yacov & Zemel, Amos, 1996. "Accounting for global warming risks: Resource management under event uncertainty," Journal of Economic Dynamics and Control, Elsevier, vol. 20(6-7), pages 1289-1305.
  9. Kenneth L. Judd, 1998. "Numerical Methods in Economics," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262100711, June.
  10. Clarke, Harry R. & Reed, William J., 1994. "Consumption/pollution tradeoffs in an environment vulnerable to pollution-related catastrophic collapse," Journal of Economic Dynamics and Control, Elsevier, vol. 18(5), pages 991-1010, September.
  11. Farzin, Y. H., 1996. "Optimal pricing of environmental and natural resource use with stock externalities," Journal of Public Economics, Elsevier, vol. 62(1-2), pages 31-57, October.
  12. Seierstad, Atle, 2003. "Piecewise deterministic optimal control problems," Memorandum 39/2003, Oslo University, Department of Economics.
  13. W.A. Brock & D. Starrett, 2003. "Managing Systems with Non-convex Positive Feedback," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 26(4), pages 575-602, December.
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