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Optimal Control of Pollution Accumulation with Long-Run Average Welfare

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  • Kazuhito Kawaguchi

Abstract

This paper considers the problem of pollution accumulation in order to maximize the long-run average welfare functional in environmental economics. We approach the problem by solving the associated Hamilton-Jacobi-Bellman equation in the classical sense, via the viscosity solution method. The optimal policy is shown to exist in a feedback from, and the maximum value is also obtained independently of the initial level of pollution. An equilibrium of the optimal stock of pollution is discussed. Copyright Kluwer Academic Publishers 2003

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  • Kazuhito Kawaguchi, 2003. "Optimal Control of Pollution Accumulation with Long-Run Average Welfare," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 26(3), pages 457-468, November.
    • Handle: RePEc:kap:enreec:v:26:y:2003:i:3:p:457-468
    DOI: 10.1023/B:EARE.0000003609.50884.41
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    References listed on IDEAS

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    1. Frederick Ploeg & Cees Withagen, 1991. "Pollution control and the Ramsey problem," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 1(2), pages 215-236, June.
    2. Robert M. Solow, 1974. "The Economics of Resources or the Resources of Economics," Palgrave Macmillan Books, in: Chennat Gopalakrishnan (ed.), Classic Papers in Natural Resource Economics, chapter 12, pages 257-276, Palgrave Macmillan.
    3. Tahvonen, Olli & Withagen, Cees, 1996. "Optimality of irreversible pollution accumulation," Journal of Economic Dynamics and Control, Elsevier, vol. 20(9-10), pages 1775-1795.
    4. Keeler, Emmett & Spence, Michael & Zeckhauser, Richard, 1972. "The optimal control of pollution," Journal of Economic Theory, Elsevier, vol. 4(1), pages 19-34, February.
    5. repec:bla:ecorec:v:49:y:1973:i:128:p:534-45 is not listed on IDEAS
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    Cited by:

    1. Xepapadeas, Anastasios, 2005. "Economic growth and the environment," Handbook of Environmental Economics, in: K. G. Mäler & J. R. Vincent (ed.), Handbook of Environmental Economics, edition 1, volume 3, chapter 23, pages 1219-1271, Elsevier.
    2. Kawaguchi, Kazuhito & Morimoto, Hiroaki, 2007. "Long-run average welfare in a pollution accumulation model," Journal of Economic Dynamics and Control, Elsevier, vol. 31(2), pages 703-720, February.

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