This paper extends the classical exhaustible-resource/stock-pollution model with the irreversibility of pollution decay …. Within this framework, we answer the question how the potential irreversibility of pollution affects the extraction path. We … example. To sum up, for any pollution level, we can identify a critical resource stock such that there exist multiple optima i …

federation, we show that vertical fiscal externalities can be the major determinant of the welfare change following environmental … externalities -- state governments can reduce greenhouse gas emissions by over 20 percent without any net cost to themselves …