Axioms of a Polluting Technology: A Materials Balance Approach
Kenneth Løvold Rødseth ()
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Kenneth Løvold Rødseth: Institute of Transport Economics-Norwegian Centre for Transport Research
Environmental & Resource Economics, 2017, vol. 67, issue 1, 1-22
Abstract This paper aims to present an economic model characterized by a set of axioms that are consistent with the laws of thermodynamics. Two new axioms—weak G-disposability (i.e., weak directional disposability) and output essentiality—are introduced to satisfy the materials balance principle and the entropy law, respectively. The axiomatic production model is compared to other well-known production models that account for the joint production of good and bad outputs to illustrate the advantages of the new modeling approach.
Keywords: Axiomatic production model; Materials balance principle; Weak G-disposability; Essentiality; Environmental efficiency (search for similar items in EconPapers)
JEL-codes: D24 Q57 (search for similar items in EconPapers)
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