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dc.contributor.authorPrieur, Fabienen
dc.contributor.authorTidball, Mabelen
dc.contributor.authorWithagen, Cees A.en
dc.date.accessioned2011-07-22-
dc.date.accessioned2011-09-14T13:12:50Z-
dc.date.available2011-09-14T13:12:50Z-
dc.date.issued2011-
dc.identifier.urihttp://hdl.handle.net/10419/49491-
dc.description.abstractThis paper extends the classical exhaustible-resource/stock-pollution model with the irreversibility of pollution decay. Within this framework, we answer the question how the potential irreversibility of pollution affects the extraction path. We investigate the conditions under which the economy will optimally adopt a reversible policy, and when it is optimal to enter the irreversible region. In the case of irreversibility it may be optimal to leave a positive amount of resource in the ground forever. As far the optimal extraction/emission policy is concerned, several types of solutions may arise, including solutions where the economy stays at the threshold for a while. Given that different programs may satisfy the first order conditions for optimality, we further investigate when each of these is optimal. The analysis is illustrated by means of a numerical example. To sum up, for any pollution level, we can identify a critical resource stock such that there exist multiple optima i.e. a reversible and an irreversible policy that yield exactly the same present value. For any resource stock below this critical value, the optimal policy is reversible whereas with large enough resource, irreversible policies outperform reversible programs. Finally, the comparison between irreversible policies reveals that it is never optimal for the economy to stay at the threshold for a while before entering the irreversible region.en
dc.language.isoengen
dc.publisher|aCenter for Economic Studies and ifo Institute (CESifo) |cMunichen
dc.relation.ispartofseries|aCESifo Working Paper |x3512en
dc.subject.jelQ30en
dc.subject.jelQ53en
dc.subject.jelC61en
dc.subject.ddc330en
dc.subject.keywordnon-renewable resourceen
dc.subject.keywordirreversible pollutionen
dc.subject.keywordoptimal policyen
dc.subject.stwRohstoffpolitiken
dc.subject.stwUmweltpolitiken
dc.subject.stwErschöpfbare Ressourcenen
dc.subject.stwRessourcenökonomiken
dc.subject.stwUmweltökonomiken
dc.subject.stwUmweltbelastungen
dc.subject.stwRohstoffressourcenen
dc.subject.stwTheorieen
dc.titleOptimal emission-extraction policy in a world of scarcity and irreversibility-
dc.typeWorking Paperen
dc.identifier.ppn664389422en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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