A closed form solution to Stollery's global warming problem with temperature in utility
Stollery (1998) studied a polluting oil extracting economy governed by the constant utility criterion. The pollution caused the growth of temperature, negatively affecting production and utility. Stollery provided a closed form solution for the case with the Cobb-Douglas production function and temperature affecting only production. This paper offers a closed form solution to a non-trivial example of this economy with utility affected by temperature.
|Date of creation:||29 Apr 2010|
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