In this paper I study the optimal control path for a (capital or pollution) stock which accumulates time with a lag to its control. It is shown that the optimal control path is non-monotonic and cyclical in general, but it is monotonic if the objective function is additively separable in the...

The author analyzes the optimal investment in environmental protection in a model of an infinite series of non-overlapping hyperbolically discounting agents. He shows that without a commitment mechanism society is eventually stuck in a situation where all agents prefer further investment in the...

In this paper, we extend the well known result that hyperbolically discounting agents tend to postpone costs into the future. In a simple model we show that, without commitment to the ex ante optimal plan, no investment in environmental protection is undertaken over the whole time horizon, no...

In this paper I extend the well known result that a hyperbolically discounting agent postpones costs into the future. If society has hyperbolic inter-temporal preferences, it may be optimal from an ex ante point of view to postpone structural change from a polluting to a non polluting production...

In this paper we investigate the reasons why integrated conservation and development projects (ICDPs) fail to achieve their conservation goals. We develop a bio-economic model of open access land and wildlife exploitation, which is consistent with many farming and hunting societies living in...

We study the optimal control of a pollutant that accumulates with a delay.We find that optimal paths are, in general, non-monotonic and oscillatory, but monotonic if the objective function is additively separable. Hence, using additively separable objective functions as an approximation to a...

Many poor countries are ill-adapted to the current leave alone a changing future climate, because they lack the necessary financial means to invest in efficient and costeffective safeguarding measures. International endeavours to fund institutions, such as the Green Climate Fund, to provide...

Many poor countries are ill-adapted to the current leave alone a changing future climate, because they lack the necessary financial means to invest in efficient and cost-effective safeguarding measures. International endeavours to fund institutions, such as the Green Climate Fund, to provide...