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Author Levy, Amnon
Source CiteSeerX
Content type Text
File Format PDF
Subject Domain (in DDC) Computer science, information & general works ♦ Data processing & computer science
Subject Keyword Environmental Awareness ♦ Optimal Consumption ♦ Representative Agent ♦ Production Process ♦ Ramsey Model ♦ Physical Environment ♦ Sir Frank Ramsey ♦ Instantaneous Satisfaction
Abstract This paper speculates how Ramsey’s (1928) model of optimal consumption and saving would have been constructed had Sir Frank Ramsey lived in a period of greater awareness of the environmental damaged caused by production processes. The paper extends Ramsey’s model to the case where the instantaneous satisfaction of the representative agent from consumption is spoiled by the degradation of his physical environment and spending on cleaning up and greening operations are therefore engendered.
Educational Role Student ♦ Teacher
Age Range above 22 year
Educational Use Research
Education Level UG and PG ♦ Career/Technical Study
Learning Resource Type Article
Publisher Date 2008-01-01