Golden Rules for Sustainable Resource Management
AbstractThis paper presents a simple model of resource management that combines use of a nonrenewable resource, such as oil, with eventual transition to a backstop substitute resource in infinite supply (e.g., solar energy). In the context of this model, the authors derive golden rules that govern efficiency in both the accumulation of capital and in the extraction of natural resources for use in production. These results supplement the Solow-Hartwick model of maximin consumption in helping to illuminate the notion of sustainable development. Copyright 1994 by The Economic Society of Australia.
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Bibliographic InfoArticle provided by The Economic Society of Australia in its journal The Economic Record.
Volume (Year): 70 (1994)
Issue (Month): 210 (September)
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- Endress, Lee H. & Roumasset, James A. & Zhou, Ting, 2005. "Sustainable growth with environmental spillovers," Journal of Economic Behavior & Organization, Elsevier, vol. 58(4), pages 527-547, December.
- James A Roumasset & Lee H Endress, 2000. "Sustainable Development Without Constraints," Working Papers 200009, University of Hawaii at Manoa, Department of Economics.
- Pierre-André Jouvet & Ingmar Schumacher, 2011.
"Learning-by-doing and the Costs of a Backstop for Energy Transition and Sustainability,"
- Jouvet, Pierre-André & Schumacher, Ingmar, 2012. "Learning-by-doing and the costs of a backstop for energy transition and sustainability," Ecological Economics, Elsevier, vol. 73(C), pages 122-132.
- James A. Roumasset & Lee Endress, 1996. "The Yin and yang of Sustainable Development: A Case for Win-Win Environmentalism," Working Papers 199604, University of Hawaii at Manoa, Department of Economics.
- Jannett Highfill & Michael McAsey, 2001. "Landfilling Versus ``Backstop'' Recycling When Income Is Growing," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 19(1), pages 37-52, May.
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