Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/171534
Authors: 
Winkler, Ralph
Year of Publication: 
2008
Series/Report no.: 
Economics Working Paper Series 08/91
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.
Subjects: 
additively separable objective
approximated objective
delayed optimal control
optimal pollution control
JEL: 
Q50
C61
Persistent Identifier of the first edition: 
Document Type: 
Working Paper
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