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| Tekijä: | Brock, W. Xepapadeas, A. |
| Otsikko: | Pattern formation, spatial externalities and regulation in coupled economic-ecological systems |
| Lehti: | Journal of Environmental Economics and Management
2010 : MAR, VOL. 59:2, p. 149-164 |
| Asiasana: | externalities decision making economics literature diffusion regulations |
| Kieli: | eng |
| Tiivistelmä: | Managing ecosystems where interacting state variables affected by management decisions diffuse in space is examined. First, we study pattern formation in a setting where economic agents maximize myopic profits, ignoring spillovers onto agents at other sites, and second in the case of a social planner who internalizes these spillovers. Patterns under these two institutions are compared and the differences' in the patterns effects on the design of regulatory schemes by these two institutions to internalize the externalities are studied. Also, we introduce new methods founded on Fourier series type decompositions allowing to turn an intractable infinite dimensional optimal control problem into a countable number of finite dimensional optimal control problems. These methods are to our knowledge new to the economics literature. We then apply the theory to the management and regulation of a semi-arid system. |
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