The author analyzes the optimal investment in environmental protection in a model of an infinite series of non-overlapping hyperbolically discounting agents. He shows that without a commitment mechanism society is eventually stuck in a situation where all agents prefer further investment in the...

This first edition of Environmental signals marks the beginning of a new period in reporting on the environment for policy-makers and the public by the European Environment Agency. Previous reports such as Europe's environment: the second assessment and Environment in the European Union at the...