By Ekko van Ierland (auth.), Ekko C. van Ierland, Kazimierz Görka (eds.)
This ebook includes a collection of papers which have been ready for the NATO complicated study Workshop at the Economics of Atmospheric pollutants, that happened in Wageningen, The Netherlands, November 1994, hosted via Wageningen Agricultural college and backed via NATO clinical and Environmental Affairs department. individuals from the us and lots of international locations in Western, principal and japanese Europe have participated to debate the commercial facets of transboundary pollution and weather switch. a couple of chosen papers were reviewed and revised at the foundation of the reviews supplied. The editors kindly recognize the aid of Prof. Charles Kolstad, collage of California, Santa Barbara, and Prof. Stef Proost, heart for monetary experiences, Catholic college Leuven, for reviewing a number of chapters of the booklet. additionally the help of a number of nameless reviewers is kindly said. we are hoping that the e-book will give a contribution to a greater figuring out of the main suitable concerns within the quarter of overseas policymaking on transboundary toxins and weather switch, and that it contributes to extra monetary research during this attention-grabbing examine sector. the subject of transboundary toxins with regards to weather swap, acidification and tropospheric ozone will within the coming a long time remain correct for all international locations on the planet. Ekko van Ierland Kazimierz Gorka WageningeniCracow, June 1996 CONTENTS 1 On tbe Economics of Atmospberic toxins Ekko van IerJand Wageningen Agricultural college, The Netherlands.
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Additional info for Economics of Atmospheric Pollution
Unless the rate at which we are learning about climate change is such that we might wish to negatively emit in the future (to draw down the CO2 stock), then there should be no tendency to underemit today to forestall irreversible environmental effects. 6 Of course one may still wish to restrict emissions today to avoid low-probability catastrophic effects in the future. Such a bias in emissions control is due to risk aversion, not the irreversibility effect. References Arrow, K. (1968) Optimal Capital Policy and Irreversible Investment.
2). 2). Without loss of generality, assume A and B are disjoint. Theorem 3 (Kolstad, 1996). 4) exists and a~ (XI . 2) is not binding at Xl. Consider any information structure S resulting in first period optimal control Xl. 8) where For the proof of this, see Kolstad (1996). 8). 8) will typically be negative since it has to do with marginal utility at a lower bound of X2 • The fact that the lower bound is binding means that a reduction in X2 , were it possible, would increase utility. By a similar argument, the second term is positive.
Define Then, c, == as + bs and H == L 1t T]( c,), J T](z) == _z_ l+z and H == T](L 1t,cJ, and the result follows from the concavity of the function T]. A similar argument applies to the cooperative equilibrium. D. Now it is not very surprising that the cooperative equilibrium yields the same result as the case of a single government, since the cooperative equilibrium corresponds to a single world government maximising a social welfare function. It is rather more interesting that the result applies in the case of the non-cooperative equilibrium.