Avoiding chaos in Wonderland
Wonderland, a compact, integrated economic, demographic and environmental model, is investigated using methods developed for studying critical phenomena. Simulation results show the parameter space separates into two phases, one of which contains the property of long term, sustainable development. By employing information contain in the phase diagram, an optimal strategy involving pollution taxes is developed as a means of moving a system initially in a unsustainable region of the phase diagram into a region of sustainability while ensuring minimal regret with respect to long-term economic growth.
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Volume (Year): 368 (2006)
Issue (Month): 1 ()
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References listed on IDEAS
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- Garey Ramey & Valerie A. Ramey, 1994.
"Cross-Country Evidence on the Link Between Volatility and Growth,"
NBER Working Papers
4959, National Bureau of Economic Research, Inc.
- Ramey, Garey & Ramey, Valerie A, 1995. "Cross-Country Evidence on the Link between Volatility and Growth," American Economic Review, American Economic Association, vol. 85(5), pages 1138-51, December.
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