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Growth versus environment in dynamic models of capital accumulation

Author(s): Toichiro Asada

Journal: Discrete Dynamics in Nature and Society
ISSN 1026-0226

Volume: 7;
Issue: 2;
Start page: 101;
Date: 2002;
Original page

Keywords: Growth; Environment; Capital accumulation; Dynamic optimization; Differential game; Open loop Nash solution; Feedback Nash solution.

In this paper, we study the economic implications of the trade off between growth and environment in the context of dynamic models of capital accumulation. The collective solution is formulated in terms of dynamic optimization of the central planner, and the decentralized solution is formulated in terms of differential game between workers and capitalists. We compare the economic properties of two solutions.
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