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By Elke Moser, Willi Semmler, Gernot Tragler, Vladimir M. Veliov

The e-book provides new advancements within the dynamic modeling and optimization tools in environmental economics and offers an immense diversity of purposes facing the economics of traditional assets, the affects of weather switch and of environmental toxins, and respective coverage measures. The interrelationship among financial actions and environmental caliber, the improvement of purifier applied sciences, the change from fossil to renewable assets and the correct use of coverage tools play an incredible position alongside the trail in the direction of a sustainable destiny. organic, actual and financial strategies are obviously desirous about the topic, and postulate the most modelling, simulation and decision-making instruments: the tools of dynamic optimization and dynamic games.

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The paper is organized as follows. In Sect. 2 we present the model, define the competitive equilibria and describe steady-state equilibria for a given policy. In Sect. 3 we endogenize the voting procedure on environmental maintenance, define the intertemporal and steady state voting equilibria, and show the logical consistency between the median voter theorem and the voting equilibrium in dynamic general equilibrium. In Sect. 5 the comparison with the representative agent framework is proposed.

Abatement rates are equal to zero for all BaU problems considered under this scheme. The same type of logic of construction is applied for all three versions of the model: basic one, with undirected endogenous technical change and with the directed one. To obtain solutions in the BaU case we make use of the numerical methods, since no analytic solution may be derived for this NMPC technique. t. (2)–(7). , & Hemous, D. (2012). The environment and directed technical change. The American Economic Review, 102(1), 131–166.

1 Introduction With the growing importance of global environmental issues, such as global warming, and the emphasis put on the general question of sustainable growth and development, environmental policies and their financing have become a major subject of concern in many developing or developed countries. As a response, economic theory, and especially in macro-economics, elaborated dynamic models based on the representative agent assumption to disentangle the nexus between economic growth and pollution, or more generally environmental quality (see among many others, Gradus and Smulders 1993; Stokey 1998, or Xepapadeas 2005).

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