History-dependent dynamic programming and sustainability: circular economy, optimal management and habits

Lisa Morhaim () and Ayşegül Yıldız Ulus
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Lisa Morhaim: Université Paris-Panthéon-Assas
Ayşegül Yıldız Ulus: GSU - Galatasaray University

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Abstract: In this paper, we provide a general tractable framework to deal with history-dependent models. We introduce a memory function to define the history formation process. This modeling is designed to apply to various issues within different contexts. It generalizes the one proposed in Morhaim and Ulus[24]. It is also fitted to deal with sustainable economic issues, including environmental models, circular economy and optimal management of natural resources. We provide dynamic programming tools for such models. Without concavity assumptions, we show the existence of a solution and that the value function is the unique fixed point of the Bellman operator.

Keywords: History-dependent model Circular Economy Environment Pollution Sustainability Growth Habits Satiation Optimal growth Dynamic programming JEL Classification: C61 D90; History-dependent model; Circular Economy; Environment; Pollution; Sustainability; Growth; Habits; Satiation; Optimal growth; Dynamic programming JEL Classification: C61; D90 (search for similar items in EconPapers)
Date: 2023-07-19
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