Consumption/pollution tradeoffs in an environment vulnerable to pollution-related catastrophic collapse

Consumption/pollution tradeoffs in an environment vulnerable to pollution-related catastrophic collapse

This paper considers the consequences of an avoidable risk of irreversible environmental catastrophe for society's optimal long-run consumption/pollution tradeoffs. The risk is assumed to be a nondecreasing function of pollution concentration which evolves as a dynamic environmental renewal pro...

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Veröffentlicht in:Journal of economic dynamics & control 1994-09, Vol.18 (5), p.991-1010
Hauptverfasser: Clarke, Harry R., Reed, William J.
Format: Artikel
Sprache:eng
Schlagworte:
Consumption
Economic models
Environmental degradation
Environmental risk
Irreversible catastrophe
Pollution
Studies
Tradeoff analysis
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Zusammenfassung:This paper considers the consequences of an avoidable risk of irreversible environmental catastrophe for society's optimal long-run consumption/pollution tradeoffs. The risk is assumed to be a nondecreasing function of pollution concentration which evolves as a dynamic environmental renewal process. The main objective of the paper is to derive qualitative insights regarding the effects of such risk on optimal management.
ISSN:0165-1889
1879-1743
DOI:10.1016/0165-1889(94)90042-6