Optimal Economic Growth under Stochastic Environmental Impact: Sensitivity Analysis

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http://eprints.org/relation/isVersionOf https://pure.iiasa.ac.at/id/document/13212 http://eprints.org/relation/isVolatileVersionOf https://pure.iiasa.ac.at/id/document/13212 http://eprints.org/relation/isCoversheetVersionOf https://pure.iiasa.ac.at/id/document/13212 archive 351 disk0/00/00/87/55 2016-01-15 08:41:39 2021-08-27 17:20:33 2016-01-15 08:41:39 monograph show 3 Rovenskaya E. 8206 0000-0002-2761-3443 Optimal Economic Growth under Stochastic Environmental Impact: Sensitivity Analysis pub iis_env prog_dyn prog_ggi In this work we present an approach toward the sensitivity analysis of optimal economic growth to a negative environmental impact driven by random natural hazards that damage the production output . We use a simplified model of the GDP whose growth leads to the increase of GHG in the atmosphere provided investment in cleaning is insufficient. The hypothesis of the Poisson probability distribution of the natural hazards is used at the first stage of the research. We apply the standard utility function - the discounted integral consumption and construct an optimal investment policy in production and cleaning together with optimal GDP trajectories. We calibrate the model in the global scale and analyze the sensitivity of obtained optimal growth scenarios with respect to uncertain parameters of the Poisson distribution. 2008-01 published IR-08-030 IR-08-030 260 public interim_report IIASA, Laxenburg, Austria 29 FALSE info:eu-repo/semantics/book