Research on a dynamics with bounded rationality for high-carbon and low-carbon energy economic system |
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Institution: | 1. Swinburne Business School, Swinburne University of Technology, Hawthorn, Victoria 3122, Australia;2. Department of Accounting, Finance and Economics, Griffith University, Brisbane, QLD 4111, Australia;3. UNE Business School, University of New England, Armidale, NSW 2351, Australia |
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Abstract: | For the energy economic system, a dynamics with bounded rationality is built to describe a decision-making problem that decision-makers select high-carbon energy input and low-carbon energy investment to maximize the weighted utility of consumption and environmental quality in two adjacent periods. The technical level of low-carbon energy development, the weight coefficient, the rate of high-carbon energy pollution on the environment and the environmental quality self-repair coefficient are the major parameters in the model. Stability analysis and numerical simulation are mathematically done for this dynamics. The mathematical analysis shows that decision-makers' focusing on the long-term profits, improving the technology level of low-carbon energy development and reducing pollution rate of high-carbon energy are helpful for the sustainable development of the energy economic system. |
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