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Dynamic Models of the Firm with Green Energy and Goodwill

In: Control Systems and Mathematical Methods in Economics

Author

Listed:
  • Herbert Dawid

    (Bielefeld University)

  • Richard F. Hartl

    (University of Vienna)

  • Peter M. Kort

    (Tilburg University
    University of Antwerp)

Abstract

This paper considers the effect of investment in solar panels on optimal dynamic firm behavior. To do so, an optimal control model is analyzed that has as state variables goodwill and green capital stock. Following current practice in companies like Tesla and Google, we take into account that the use of green energy has positive goodwill effects. As a solution, we find an optimal trajectory that overshoots before reaching a stable steady state.

Suggested Citation

  • Herbert Dawid & Richard F. Hartl & Peter M. Kort, 2018. "Dynamic Models of the Firm with Green Energy and Goodwill," Lecture Notes in Economics and Mathematical Systems, in: Gustav Feichtinger & Raimund M. Kovacevic & Gernot Tragler (ed.), Control Systems and Mathematical Methods in Economics, pages 279-296, Springer.
    • Handle: RePEc:spr:lnechp:978-3-319-75169-6_14
    DOI: 10.1007/978-3-319-75169-6_14
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