Optimal control of pollutants with delayed stock accumulation

No 08/91, CER-ETH Economics working paper series from CER-ETH - Center of Economic Research (CER-ETH) at ETH Zurich

Abstract: We study the optimal control of a pollutant that accumulates with a delay.We find that optimal paths are, in general, non-monotonic and oscillatory, but monotonic if the objective function is additively separable. Hence, using additively separable objective functions as an approximation to a general objective function may be a misspecification. With a numerical example we illustrate that an additively separable approximation performs considerably worse in delayed compared to instantaneous stock accumulation.

Keywords: additively separable objective; approximated objective; delayed optimal control; optimal pollution control (search for similar items in EconPapers)
JEL-codes: C61 Q50 (search for similar items in EconPapers)
Pages: 25 pages
Date: 2008-07
New Economics Papers: this item is included in nep-ene and nep-env
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Citations: View citations in EconPapers (3)

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