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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.

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