A constant-utility criterion linked to an imperfect economy affected by irreversible global warming

Arbeitspapier

The question of formulation of a social planner criterion for an imperfect economy is examined using an example of a polluting economy negatively affected by growing temperature. Imperfection of the economy is expressed here in deviations from the optimal initial state. It is shown that a criterion not linked to a specific initial state almost always implies either unsustainable or inefficient paths in the economy. In this paper, I link the constant-utility criterion to the initial amount of the resource reserve. This criterion implies efficient resource use and the paths of utility asymptotically approaching some constants, which depend on the parameters of the temperature function. The criterion can be formulated for the cases when the reserve estimate changes over time and when the high level of temperature can cause extinction.

Angaben zum Objekt

• Sprache: Englisch

Verweise und Beziehungen

• Erschienen in: Series: EERI Research Paper Series ; No. 03/2009

Klassifikation und Themen

• Klassifikation: Wirtschaft ; Economic Development: Agriculture; Natural Resources; Energy; Environment; Other Primary Products ; Exhaustible Resources and Economic Development ; Nonrenewable Resources and Conservation: Government Policy
• Thema: Essential nonrenewable resource ; imperfect polluting economy ; economy-linked criterion ; semisustainable development ; semiefficient extraction

Beteiligte, Orts- und Zeitangaben

• Ereignis: Geistige Schöpfung
• (wer): Bazhanov, Andrei V.
• Ereignis: Veröffentlichung
• (wer): Economics and Econometrics Research Institute (EERI)
• (wo): Brussels
• (wann): 2009

Weitere Informationen

• Handle: http://hdl.handle.net/10419/142535
• Letzte Aktualisierung: 10.03.2025, 11:44 MEZ