Consistency and Optimality in a Dynamic Game of Pollution Control I: Competition
I model the interaction between a regulator and polluting firms as a Stackelberg differential game in which the regulator leads. The firms create pollution, which results in a stock externality. I analyze the intertemporal effects of alternate pollution control measures in a competitive industry. The principal issue here concerns the dynamic inconsistency of the optimal solution. Inter alia, I compare the steady state levels of pollution under optimal and under time consistent policies.
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|Date of creation:||Nov 1995|
|Date of revision:|
|Publication status:||forthcoming in Environmental and Resource Economics|
|Contact details of provider:|| Web page: http://apec.usu.edu/|
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