On competitive equitable paths under exhaustible resource constraints: The case of a growing population
AbstractThe paper examines the nature of competitive paths in an exhaustible resource model, which allows for growing population. For competitive paths which are equitable in the sense that the per capita consumption level is constant over time, the implicit investment rule is derived. This is seen to be a generalization of Hartwick's rule, obtained in the case of a stationary population. It is also shown that the existence of a competitive equitable path implies that population can experience at most quasi-arithmetic growth.
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Bibliographic InfoArticle provided by The International Society for Economic Theory in its journal International Journal of Economic Theory.
Volume (Year): 4 (2008)
Issue (Month): 1 ()
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Web page: http://www.blackwellpublishing.com/journal.asp?ref=1742-7355
Other versions of this item:
- Mitra, Tapan, 2007. "On Competitive Equitable Paths under Exhaustible Resource Constraints: The Case of a Growing Population," Working Papers 07-05, Cornell University, Center for Analytic Economics.
- D90 - Microeconomics - - Intertemporal Choice and Growth - - - General
- O11 - Economic Development, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
- O41 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models
- Q32 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - Exhaustible Resources and Economic Development
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