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A model of optimal stoical growth with pollution

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  • Bertrand Crettez

    (Université Paris-Panthéon-Assas, CRED)

  • Naila Hayek

    (Université Paris-Panthéon-Assas, CRED)

Abstract

We study a model of optimal growth in a discrete-time, infinite horizon setting. In this model, a consumption good is produced according to a linear technology that employs labor and causes polluting emissions. We depart from the literature by introducing a stoical effort. The higher the stoical effort, the lower the advantages derived from consumption. As a result, when the pollution stock is high, it is optimal to exert a stoical effort, which makes consumption less enjoyable and results in a decrease in pollution. When the pollution stock is low, there is no stoical effort and the optimal growth coincides with the optimal path of the standard optimal growth model.

Suggested Citation

  • Bertrand Crettez & Naila Hayek, 2025. "A model of optimal stoical growth with pollution," Journal of Economics, Springer, vol. 146(3), pages 281-317, December.
    • Handle: RePEc:kap:jeczfn:v:146:y:2025:i:3:d:10.1007_s00712-025-00918-w
    DOI: 10.1007/s00712-025-00918-w
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