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The Global Environment, Natural Resources, and Economic Growth$
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Alfred Greiner and Willi Semmler

Print publication date: 2008

Print ISBN-13: 9780195328233

Published to Oxford Scholarship Online: September 2008

DOI: 10.1093/acprof:oso/9780195328233.001.0001

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The Dynamics of the Model with Standard Preferences

The Dynamics of the Model with Standard Preferences

Chapter:
(p.31) 4 The Dynamics of the Model with Standard Preferences
Source:
The Global Environment, Natural Resources, and Economic Growth
Author(s):

Alfred Greiner (Contributor Webpage)

Willi Semmler (Contributor Webpage)

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780195328233.003.0005

The growth model with environmental pollution and productive public capital analyzed in Chapter 2 was characterized by local and global determinacy. However, this result may have been derived due to the assumptions made, especially concerning the utility function of the household. This chapter allows for a more general utility function and then gives a complete characterization of the dynamics of the model. It also contributes to the literature on the dynamics of competitive economies with externalities.

Keywords:   economic model, utility function, model dynamics, competitive economics

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