Optimal pollution control with distributed delays
We present a model of optimal stock pollution control with distributed delays in the stock accumulation dynamics. Using generic functional forms and a distribution structure that covers a wide range of distributions, we solve analytically the complex dynamic system that arises from the introduction of these distributed delays. Our contribution extends the dynamic optimization literature that focused on the single discrete delay case and develops an original method to address control problems with mixed type functional differential equations. Our results show the qualitative impact of acknowledging these distributed delays on the optimal pollution paths dynamics and identify the occurrence of limit cycles and the stability conditions of such a model that can be used to design efficient environmental policies.
|Date of creation:||2013|
|Date of revision:|
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- Hippolyte d'Albis & Emmanuelle Augeraud-Véron & Hermen Jan Hupkes, 2012.
"Discontinuous Initial Value Problems for Functional Differential-Algebraic Equations of Mixed Type,"
Documents de travail du Centre d'Economie de la Sorbonne
12043, Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne.
- Hippolyte D'Albis & Emmanuelle Augeraud-Véron & Hermen Jan Hupkes, 2012. "Discontinuous Initial Value Problems for Funtional Differential-Algebraic Equations of Mixed Type," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00717412, HAL.
- Hippolyte D'Albis & Emmanuelle Augeraud-Véron & Hermen Jan Hupkes, 2012. "Discontinuous initial value problems for functional differential-algebraic equations of mixed type," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) hal-00759204, HAL.
- Winkler, Ralph, 2011. "A Note On The Optimal Control Of Stocks Accumulating With A Delay," Macroeconomic Dynamics, Cambridge University Press, vol. 15(04), pages 565-578, September.
- Keeler, Emmett & Spence, Michael & Zeckhauser, Richard, 1972. "The optimal control of pollution," Journal of Economic Theory, Elsevier, vol. 4(1), pages 19-34, February.
- Wirl, Franz, 1999. "Complex, dynamic environmental policies," Resource and Energy Economics, Elsevier, vol. 21(1), pages 19-41, January.
- Tahvonen, Olli & Salo, Seppo, 1996. "Nonconvexities in Optimal Pollution Accumulation," Journal of Environmental Economics and Management, Elsevier, vol. 31(2), pages 160-177, September.
- Cyril Bourgeois & Pierre-Alain Jayet, 2010. "Revisited water-oriented relationships between a set of farmers and an aquifer: accounting for lag effect," Working Papers 2010/06, INRA, Economie Publique.
- Ralph Winkler, 2008. "Optimal control of pollutants with delayed stock accumulation," CER-ETH Economics working paper series 08/91, CER-ETH - Center of Economic Research (CER-ETH) at ETH Zurich.
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