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Consumption/pollution tradeoffs in an environment vulnerable to pollution-related catastrophic collapse. (English) Zbl 0802.90026
Summary: 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.

91B76 Environmental economics (natural resource models, harvesting, pollution, etc.)
91B62 Economic growth models
93C95 Application models in control theory
Full Text: DOI
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