The zero discounting and maximin optimal paths in a simple model of global warming

被引：12
|
作者：
d'Autume, Antoine [1 ,2 ]
Hartwick, John M. [3 ]
Schubert, Katheline [1 ,2 ]
机构：
[1] Paris Sch Econ, F-75013 Paris, France
[2] Univ Paris 1 Pantheon Sorbonne, F-75013 Paris, France
[3] Queens Univ, Dept Econ, Kingston, ON K7L 3N6, Canada
来源：
MATHEMATICAL SOCIAL SCIENCES | 2010年 / 59卷 / 02期
关键词：
Polluting exhaustible resources; Global warming; Maximin; Zero discounting; Susta inability; HARTWICKS RULE; RESOURCE;
D O I：
10.1016/j.mathsocsci.2009.10.002
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
Following Stollery (1998), we extend the Solow-Dasgupta-Heal model to analyze the effects of global warming. The rise in temperature is caused by the use of fossil resources so that the temperature level can be linked to the remaining stock of these resources. The rise in temperature affects both productivity and utility. We characterize optimal solutions for the maximin and zero discounting cases and present closed-form solutions for the case where the production and utility functions are Cobb-Douglas, and the temperature level is an exponential function of the remaining stock of resources. We show that a greater weight on temperature in intratemporal preferences and a larger intertemporal elasticity of substitution both lead to postponing resource use. (C) 2009 Elsevier B.V. All rights reserved.
引用
收藏
页码：193 / 207
页数：15
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