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Sustained development of a society with a renewable resource

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  • Cairns, Robert D.
  • Tian, Huilan

Abstract

A maximin program is applied to a policy of sustaining a simple society whose population is dependent on a resource subject to logistic growth. Regular and non-regular paths are characterized. There are continua of both regular and non-regular solutions, the type depending on the initial conditions. A non-regular path involves an intermediate part in which the sustainment constraint is not effective. All solutions are time consistent and Pareto optimal. Because a problem may not be regular, it is not valid to assume that sustainment implies constant utility.

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Bibliographic Info

Article provided by Elsevier in its journal Journal of Economic Dynamics and Control.

Volume (Year): 34 (2010)
Issue (Month): 6 (June)
Pages: 1048-1061

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Handle: RePEc:eee:dyncon:v:34:y:2010:i:6:p:1048-1061

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Web page: http://www.elsevier.com/locate/jedc

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Keywords: Sustainability Intergenerational equity Maximin Regular path Population;

References

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  1. Martinet, V. & Doyen, L., 2007. "Sustainability of an economy with an exhaustible resource: A viable control approach," Resource and Energy Economics, Elsevier, vol. 29(1), pages 17-39, January.
  2. Antoine d'Autume & Katheline Schubert, 2008. "Hartwick's rule and maximin paths when the exhaustible resource has an amenity value," Documents de travail du Centre d'Economie de la Sorbonne v08031, Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne.
  3. Solow, Robert, 1993. "An almost practical step toward sustainability," Resources Policy, Elsevier, vol. 19(3), pages 162-172, September.
  4. Dasgupta, Partha, 2001. "Human Well-Being and the Natural Environment," OUP Catalogue, Oxford University Press, number 9780199247882, September.
  5. Asako, Kazumi, 1980. "Economic growth and environmental pollution under the max-min principle," Journal of Environmental Economics and Management, Elsevier, vol. 7(3), pages 157-183, September.
  6. Dixit, Avinash & Hammond, Peter & Hoel, Michael, 1980. "On Hartwick's Rule for Regular Maximin Paths of Capital Accumulation and Resource Depletion," Review of Economic Studies, Wiley Blackwell, vol. 47(3), pages 551-56, April.
  7. John Hartwick, 1976. "Intergenerational Equity and the Investing of Rents from Exhaustible Resources," Working Papers 220, Queen's University, Department of Economics.
  8. Cairns, Robert D. & Long, Ngo Van, 2006. "Maximin: a direct approach to sustainability," Environment and Development Economics, Cambridge University Press, vol. 11(03), pages 275-300, June.
  9. Leonard, Daniel, 1981. "The signs of the co-state variables and sufficiency conditions in a class of optimal control problems," Economics Letters, Elsevier, vol. 8(4), pages 321-325.
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Citations

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Cited by:
  1. Zhang Wei-Bin, 2011. "Economic Growth And Dynamics Of Renewable Resource With Housing, Agricultural And Resource Land Use," Studies in Business and Economics, Lucian Blaga University of Sibiu, Faculty of Economic Sciences, vol. 6(2), pages 151-174, August.
  2. Vincent Martinet & Luc Doyen, 2012. "Maximin, Viability and Sustainability," Working Papers 163401, Institut National de la Recherche Agronomique, France.
  3. Geir Asheim & Stéphane Zuber, 2013. "A complete and strongly anonymous leximin relation on infinite streams," Social Choice and Welfare, Springer, vol. 41(4), pages 819-834, October.
  4. Robert D. Cairns & Vincent Martinet, 2013. "An Environmental-Economic Measure of Sustainable Development," CESifo Working Paper Series 4327, CESifo Group Munich.
  5. Martinet, Vincent, 2011. "A characterization of sustainability with indicators," Journal of Environmental Economics and Management, Elsevier, vol. 61(2), pages 183-197, March.
  6. Wei-Bin Zhang, 2013. "Habit Formation and Preference Change with Capital and Renewable Resources," Business Systems Research, Society for Promotion of Business Information Technology (BIT), vol. 4(2), pages 108-125.

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