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...

There is no doubt that improved hazardous waste management in mining and mineral processing will reduce environmental and health risks in South Africa. However, sceptics fear that waste reduction, appropriate treatment and disposal are not affordable within the current economic circumstances of...