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Sustained development of a society with a renewable resource

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Author Info

  • 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

Related research

Keywords: Sustainability Intergenerational equity Maximin Regular path Population;

References

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  1. d'Autume, Antoine & Schubert, Katheline, 2008. "Hartwick's rule and maximin paths when the exhaustible resource has an amenity value," Journal of Environmental Economics and Management, Elsevier, vol. 56(3), pages 260-274, November.
  2. Hartwick, John M, 1977. "Intergenerational Equity and the Investing of Rents from Exhaustible Resources," American Economic Review, American Economic Association, vol. 67(5), pages 972-74, December.
  3. 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.
  4. 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.
  5. 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.
  6. 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.
  7. Solow, Robert, 1993. "An almost practical step toward sustainability," Resources Policy, Elsevier, vol. 19(3), pages 162-172, September.
  8. Dasgupta, Partha, 2001. "Human Well-Being and the Natural Environment," OUP Catalogue, Oxford University Press, number 9780199247882.
  9. 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.
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Citations

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Cited by:
  1. 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.
  2. Geir B. Asheim & Stéphane Zuber, 2011. "A Complete and Strongly Anonymous Leximin Relation on Infinite Streams," CESifo Working Paper Series 3578, CESifo Group Munich.
  3. Doyen, L. & Martinet, V., 2012. "Maximin, viability and sustainability," Journal of Economic Dynamics and Control, Elsevier, vol. 36(9), pages 1414-1430.
  4. Robert D. Cairns & Vincent Martinet, 2012. "An Environmental-Economic Measure of Sustainable Development," EconomiX Working Papers 2012-2, University of Paris West - Nanterre la Défense, EconomiX.
  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. 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.

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