Myopia and the economics of nonrenewable resources
AbstractThe paper focuses on the important problem of limited natural resources by examining a dynamic framework in which the total life-time amount of consumption is fixed. The problem is studied separately for logarithmic and exponential utility, and separately for non-myopic and myopic preferences. The sensitivity of utility to the degree of myopia critically depends on the preference specification.
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Bibliographic InfoArticle provided by The Czech Econometric Society in its journal Bulletin of the Czech Econometric Society.
Volume (Year): 15 (2008)
Issue (Month): 25 ()
Consumption; Myopia; Natural resources; Utility;
Find related papers by JEL classification:
- D60 - Microeconomics - - Welfare Economics - - - General
- D91 - Microeconomics - - Intertemporal Choice - - - Intertemporal Household Choice; Life Cycle Models and Saving
- Q30 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - General
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