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| Content Provider | Springer Nature Link |
|---|---|
| Author | Haurie, A. |
| Copyright Year | 2003 |
| Abstract | In this paper one uses an infinite time horizon optimal control paradigm to deal with three important issues in global climate change integrated assessment, namely the equitable treatment of all the generations involved, the representation of technical progress, and the uncertainty concerning technological progress and climate change processes. The notion of economic sustainability is associated with the concept of turnpike in infinite horizon optimization models. The issue of deciding on the proper discount rate is addressed in this context and a method is proposed to reconcile long term sustainability and short term time preference for current generations. One also formulates a model where environmental damage and/or technical progress are represented as stochastic jump processes. One calls this random evolution a mode switching process. In this context, sustainability is represented by a family of turnpikes, and the economy will be driven from one steady state to the other as the modes switch. These concepts are illustrated on the DICE model and their possible implementation in other types of integrated assessment models is discussed. |
| Starting Page | 117 |
| Ending Page | 132 |
| Page Count | 16 |
| File Format | |
| ISSN | 14202026 |
| Journal | Environmental Modeling & Assessment |
| Volume Number | 8 |
| Issue Number | 3 |
| e-ISSN | 15732967 |
| Language | English |
| Publisher | Kluwer Academic Publishers |
| Publisher Date | 2003-01-01 |
| Publisher Place | Dordrecht |
| Access Restriction | One Nation One Subscription (ONOS) |
| Subject Keyword | Applications of Mathematics Mathematical Modeling and Industrial Mathematics Environment |
| Content Type | Text |
| Resource Type | Article |
| Subject | Environmental Science |
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