Mitra, Tapan and Asheim, Geir B. and Buchholz, Wolfgang and Withagen, Cees (2013) Characterizing the sustainability problem in an exhaustible resource model. JOURNAL OF ECONOMIC THEORY, 148 (5). pp. 2164-2182. ISSN 0022-0531, 1095-7235
Full text not available from this repository. (Request a copy)Abstract
We provide a general condition under which consumption can be sustained indefinitely bounded away from zero in the continuous time Dasgupta-Heal-Solow-Stiglitz model, by letting augmentable capital substitute for a non-renewable resource. The assumptions made on the production function are mild, thus generalizing previous work. By showing that Hartwick's rule minimizes the required resource input per unit of capital accumulation, and integrating the required resource input with respect to capital, we obtain a complete technological characterization without reference to the time path. We also use the characterization result to establish general existence of a maximin path. (C) 2013 Elsevier Inc. All rights reserved.
| Item Type: | Article |
|---|---|
| Uncontrolled Keywords: | INTERGENERATIONAL EQUITY; EFFICIENT ALLOCATION; INTERTEMPORAL EQUITY; HARTWICKS RULE; Sustainability; Maximin |
| Subjects: | 300 Social sciences > 330 Economics |
| Divisions: | Business, Economics and Information Systems > Institut für Volkswirtschaftslehre und Ökonometrie > Lehrstuhl für Finanzwissenschaft, insbesondere Umweltökonomie (Prof. Dr. Wolfgang Buchholz) |
| Depositing User: | Dr. Gernot Deinzer |
| Date Deposited: | 31 Mar 2020 14:29 |
| Last Modified: | 31 Mar 2020 14:29 |
| URI: | https://pred.uni-regensburg.de/id/eprint/16106 |
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