Math. Model. Nat. Phenom.
Volume 9, Number 4, 2014Optimal control
|Page(s)||227 - 237|
|Published online||20 June 2014|
Modeling of Environmental Adaptation versus Pollution Mitigation
School of Business, Houston Baptist University,
7502 Fondren, Houston, Texas
2 Department of Mathematics, Prairie View A&M University, Prairie View, Texas 77446, USA
3 Université catholique de Louvain, CORE and Louvain School of Management, Belgium
Corresponding author. E-mail: firstname.lastname@example.org
The paper combines analytic and numeric tools to investigate a nonlinear optimal control problem relevant to the economics of climate change. The problem describes optimal investments into pollution mitigation and environmental adaptation at a macroeconomic level. The steady-state analysis of this problem focuses on the optimal ratio between adaptation and mitigation. In particular, we analytically prove that the long-term investments into adaptation are profitable only for economies above certain efficiency threshold. Numerical simulation is provided to estimate how the economic efficiency and capital deterioration affect the optimal policy.
Mathematics Subject Classification: 91B76 / 34H05 / 49J22 / 65R2
Key words: climate change / environmental adaptation / mitigation / optimal control / steady state analysis
© EDP Sciences, 2014
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