This paper analyzes an inter-temporal optimization problem in which agents derive utility from three goods: leisure, a public environmental good and the consumption of a produced good. The global analysis of the dynamic system generated by the optimization problem shows that global indeterminacy may arise: given the initial values of the state variables, the economy may converge to different steady states, by choosing different initial values of the control variable.

Environmental degradation and indeterminacy of equilibrium selection / Angelo Antoci, Marcello Galeotti, Mauro Sodini. - In: DISCRETE AND CONTINUOUS DYNAMICAL SYSTEMS. SERIES B.. - ISSN 1531-3492. - STAMPA. - 26 (11):(2021), pp. 5755-5767. [10.3934/dcdsb.2021179]

Environmental degradation and indeterminacy of equilibrium selection

Marcello Galeotti;
2021

Abstract

This paper analyzes an inter-temporal optimization problem in which agents derive utility from three goods: leisure, a public environmental good and the consumption of a produced good. The global analysis of the dynamic system generated by the optimization problem shows that global indeterminacy may arise: given the initial values of the state variables, the economy may converge to different steady states, by choosing different initial values of the control variable.
2021
26 (11)
5755
5767
Angelo Antoci, Marcello Galeotti, Mauro Sodini
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Utilizza questo identificatore per citare o creare un link a questa risorsa: https://hdl.handle.net/2158/1239704
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