Sustainability, indeterminacy and oscillations in a growth model with environmental assets

Antoci, Angelo and Brugnano, Luigi and Galeotti, Marcello (2004) Sustainability, indeterminacy and oscillations in a growth model with environmental assets. Nonlinear Analysis. Real World Applications, Vol. 5 (4), p. 571-587. ISSN 1468-1218. Article.

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DOI: 10.1016/j.nonrwa.2003.06.003

Abstract

We consider an economy where welfare of a continuum of (identical) agents depends on three goods: leisure, a free access renewable environmental asset and a produced good which can be consumed or saved to accumulate physical capital. We assume that aggregate consumption depletes the natural resource and that economic agents take as exogenously given the negative impact on the environmental asset by aggregate consumption. In this context, we show that indeterminacy and oscillating behavior may arise.

Item Type:	Article
ID Code:	2943
Status:	Published
Refereed:	Yes
Uncontrolled Keywords:	Economic growth models, environmental assets, optimal control problems, dynamic systems, Hopf bifurcation, periodic orbits
Subjects:	Area 13 - Scienze economiche e statistiche > SECS-S/06 Metodi matematici dell'economia e delle scienze attuariali e finanziarie
Divisions:	001 Università di Sassari > 01 Dipartimenti > Economia, impresa, regolamentazione
Publisher:	Pergamon / Elsevier
ISSN:	1468-1218
Copyright Holders:	© 2003 Elsevier
Deposited On:	09 Sep 2009 12:03

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