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Environmental Objectives, Cost Efficiency, and Multivariate Stochastic Control
Uppsala University, Disciplinary Domain of Humanities and Social Sciences, Faculty of Social Sciences, Department of Economics.
2008 (English)In: Environmental Modelling and Assessment, ISSN 1420-2026, E-ISSN 1573-2967, Vol. 13, no 2, 315-325 p.Article in journal (Refereed) Published
Abstract [en]

This paper is concerned with the cost efficiency in achieving the Swedish national air quality objectives under uncertainty. To realize an ecologically sustainable society, the parliament has approved a set of interim and long-term pollution reduction targets. However, there are considerable quantification uncertainties on the effectiveness of the proposed pollution reduction measures. In this paper, we develop a multivariate stochastic control framework to deal with the cost efficiency problem with multiple pollutants. Based on the cost and technological data collected by several national authorities, we explore the implications of alternative probabilistic constraints. It is found that a composite probabilistic constraint induces considerably lower abatement cost than separable probabilistic restrictions. The trend is reinforced by the presence of positive correlations between reductions in the multiple pollutants.

Place, publisher, year, edition, pages
2008. Vol. 13, no 2, 315-325 p.
Keyword [en]
environmental objectives, cost efficiency, multivariate stochastic control
National Category
Economics
Identifiers
URN: urn:nbn:se:uu:diva-15398DOI: 10.1007/s10666-007-9095-5ISI: 000254088200012OAI: oai:DiVA.org:uu-15398DiVA: diva2:43169
Available from: 2008-03-27 Created: 2008-03-27 Last updated: 2017-12-08Bibliographically approved

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Li, Chuan-Zhong

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