Solving Infinite Horizon Growth Models with an Environmental Sector

David Kelly and Charles Kolstad

University of California at Santa Barbara, Economics Working Paper Series from Department of Economics, UC Santa Barbara

Abstract: This paper concerns computational models in environmental economics and policy, particularly so-called integrated assessment models. For the most part, such models are simply extensions of standard neoclassical growth models, extended by including the environment and pollution generation. We review the structure of integrated assessment models, distinguishing between finite horizon and infinite horizon models, both deterministic and stochastic. We present a new solution algorithm for infinite horizon integrated assessment models, relying on a neural net approximation of the value function within an iterative version of the Bellman equation.

Keywords: Solving; Infinite; Horizon; Growth; Models; with; an; Environmental; Sector (search for similar items in EconPapers)
Date: 1999-07-25
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Journal Article: Solving Infinite Horizon Growth Models with an Environmental Sector (2001)
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Persistent link: https://EconPapers.repec.org/RePEc:cdl:ucsbec:qt3hd4c4v3

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