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Constant savings rates and quasi-arithmetic population growth under exhaustible resource constraints

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  • Asheim, Geir B.
  • Buchholz, Wolfgang
  • Hartwick, John M.
  • Mitra, Tapan
  • Withagen, Cees

Abstract

In the Dasgupta-Heal-Solow-Stiglitz model of capital accumulation and resource depletion we show the following equivalence: If an efficient path has constant (gross and net of population growth) savings rates, then population growth must be quasi-arithmetic and the path is a maximin or a classical utilitarian optimum. Conversely, if a path is optimal according to maximin or classical utilitarianism (with constant elasticity of marginal utility) under quasiarithmetic population growth, then the (gross and net of population growth) savings rates converge asymptotically to constants.

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Bibliographic Info

Article provided by Elsevier in its journal Journal of Environmental Economics and Management.

Volume (Year): 53 (2007)
Issue (Month): 2 (March)
Pages: 213-229

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Handle: RePEc:eee:jeeman:v:53:y:2007:i:2:p:213-229

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Web page: http://www.elsevier.com/locate/inca/622870

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  1. Geir B. Asheim & Wolfgang Buchholz, 2002. "A General Approach to Welfare Measurement through National Income Accounting," CESifo Working Paper Series, CESifo Group Munich 831, CESifo Group Munich.
  2. Dasgupta, Swapan & Mitra, Tapan, 2002. "Intertemporal Equity and Hartwick's Rules in an Exhaustible Resource Model," Working Papers, Cornell University, Center for Analytic Economics 02-05, Cornell University, Center for Analytic Economics.
  3. Kirk Hamilton & Cees Withagen, 2007. "Savings growth and the path of utility," Canadian Journal of Economics, Canadian Economics Association, Canadian Economics Association, vol. 40(2), pages 703-713, May.
  4. Asheim,G.B. & Buchholz,W., 2000. "The Hartwick rule : myths and facts," Memorandum, Oslo University, Department of Economics 11/2000, Oslo University, Department of Economics.
  5. Heal, G., 1990. "The Optimal Use Of Exhaustible Resources," Papers, Columbia - Graduate School of Business fb-_90-10, Columbia - Graduate School of Business.
  6. John C. V. Pezzey, 2002. "Exact Measures of Income in a Hyperbolic Economy," Economics and Environment Network Working Papers, Australian National University, Economics and Environment Network 0203, Australian National University, Economics and Environment Network.
  7. Kirk Hamilton & John Hartwick, 2005. "Investing exhaustible resource rents and the path of consumption," Canadian Journal of Economics, Canadian Economics Association, Canadian Economics Association, vol. 38(2), pages 615-621, May.
  8. Hartwick, John M, 1977. "Intergenerational Equity and the Investing of Rents from Exhaustible Resources," American Economic Review, American Economic Association, American Economic Association, vol. 67(5), pages 972-74, December.
  9. T. W. Swan, 1956. "ECONOMIC GROWTH and CAPITAL ACCUMULATION," The Economic Record, The Economic Society of Australia, The Economic Society of Australia, vol. 32(2), pages 334-361, November.
  10. 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, Wiley Blackwell, vol. 47(3), pages 551-56, April.
  11. Asheim, Geir, 2003. "Green national accounting with a changing population," Memorandum, Oslo University, Department of Economics 06/2003, Oslo University, Department of Economics.
  12. Withagen, Cees & B. Asheim, Geir, 1998. "Characterizing sustainability: The converse of Hartwick's rule," Journal of Economic Dynamics and Control, Elsevier, Elsevier, vol. 23(1), pages 159-165, September.
  13. R. M. Solow, 1973. "Intergenerational Equity and Exhaustable Resources," Working papers, Massachusetts Institute of Technology (MIT), Department of Economics 103, Massachusetts Institute of Technology (MIT), Department of Economics.
  14. Dixit, A. K., 1976. "The Theory of Equilibrium Growth," OUP Catalogue, Oxford University Press, Oxford University Press, number 9780198770817, October.
  15. Withagen, Cees & Asheim, Geir B. & Buchholz, Wolfgang, 2003. "On the sustainable program in Solow's model," Memorandum, Oslo University, Department of Economics 33/2002, Oslo University, Department of Economics.
  16. Kirk Hamilton, 1995. "Sustainable development, the Hartwick rule and optimal growth," Environmental & Resource Economics, European Association of Environmental and Resource Economists, European Association of Environmental and Resource Economists, vol. 5(4), pages 393-411, June.
  17. Mitra, Tapan, 2002. "Intertemporal Equity and Efficient Allocation of Resources," Journal of Economic Theory, Elsevier, Elsevier, vol. 107(2), pages 356-376, December.
  18. Hamilton, Kirk, 1994. "Green adjustments to GDP," Resources Policy, Elsevier, Elsevier, vol. 20(3), pages 155-168, September.
  19. Mitra, Tapan, 1983. "Limits on Population Growth under Exhaustible Resource Constraints," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 24(1), pages 155-68, February.
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