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History-dependent dynamic programming and sustainability: circular economy, optimal management and habits

Author

Listed:
  • Lisa Morhaim

    (Université Paris-Panthéon-Assas)

  • Ayşegül Yıldız Ulus

    (GSU - Galatasaray University)

Abstract

In this paper, we provide a general tractable framework to deal with history-dependent models. We introduce a memory function to define the history formation process. This modeling is designed to apply to various issues within different contexts. It generalizes the one proposed in Morhaim and Ulus[24]. It is also fitted to deal with sustainable economic issues, including environmental models, circular economy and optimal management of natural resources. We provide dynamic programming tools for such models. Without concavity assumptions, we show the existence of a solution and that the value function is the unique fixed point of the Bellman operator.

Suggested Citation

  • Lisa Morhaim & Ayşegül Yıldız Ulus, 2023. "History-dependent dynamic programming and sustainability: circular economy, optimal management and habits," Working Papers hal-04166457, HAL.
    • Handle: RePEc:hal:wpaper:hal-04166457
    Note: View the original document on HAL open archive server: https://hal.science/hal-04166457
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    More about this item

    Keywords

    History-dependent model Circular Economy Environment Pollution Sustainability Growth Habits Satiation Optimal growth Dynamic programming JEL Classification: C61 D90; History-dependent model; Circular Economy; Environment; Pollution; Sustainability; Growth; Habits; Satiation; Optimal growth; Dynamic programming JEL Classification: C61; D90;
    All these keywords.

    JEL classification:

    • C61 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Optimization Techniques; Programming Models; Dynamic Analysis
    • D90 - Microeconomics - - Micro-Based Behavioral Economics - - - General
    • C61 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Optimization Techniques; Programming Models; Dynamic Analysis
    • D90 - Microeconomics - - Micro-Based Behavioral Economics - - - General

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