Exhaustible resource allocation in an overlapping generations economy.
An overlapping generations model of competitive allocations of an exhaustible resource is presented. Conditions for the existence of equilibrium extraction rules are provided, such that both extraction and investment in future stocks are increasing and continuous in the current stock. In addition,...
| Publicado en: | Journal of Environmental Economics & Management Vol. 32; pp. 277 - 293 |
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| Autores principales: | , |
| Formato: | Artículo |
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Academic Press Inc.
March 1997
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| Acceso en línea: | Ver este registro en EBSCOhost |
| fields | @attributes: recordID: 1 pdfLink: plink: https://search.ebscohost.com/login.aspx?direct=true&db=ssf&AN=512961310&site=ehost-live header: @attributes: shortDbName: ssf uiTerm: 512961310 longDbName: Social Sciences Full Text (H.W. Wilson) uiTag: AN controlInfo: bkinfo: jinfo: jid: 00950696 EEM jtl: Journal of Environmental Economics & Management issn: 00950696 maglogo: N pubinfo: dt: March 1997 vid: 32 pid: 735 pub: Academic Press Inc. artinfo: ui: 512961310 10.1006/jeem.1997.0973 ppf: 277 ppct: 16 formats: tig: atl: Exhaustible resource allocation in an overlapping generations economy. aug: au: Olson, Lars J. Knapp, Keith C. su: Overlapping generations model (Economics) Mathematical models Resource exploitation Resource allocation -- Mathematical models Economic equilibrium Welfare economics sug: subj: Overlapping generations model (Economics) Mathematical models Resource exploitation Resource allocation -- Mathematical models Economic equilibrium Welfare economics ab: An overlapping generations model of competitive allocations of an exhaustible resource is presented. Conditions for the existence of equilibrium extraction rules are provided, such that both extraction and investment in future stocks are increasing and continuous in the current stock. In addition, the time paths of equilibrium allocations are discussed, and it is demonstrated that there are economies where equilibrium resource extractions and prices exhibit nonclassical conduct. This is demonstrated by means of a finite horizon example in which extractions rise and prices fall over the whole time horizon and an infinite horizon example in which there are persistent cycles in extractions and prices and multiple equilibria. Finally, welfare issues are analyzed. pubtype: Academic Journal doctype: Article src: R language: English refInfo: copyright: @attributes: flag: N holdings: @attributes: islocal: N |
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