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Policy Rules for Exploitation of Renewable Resources: A Macroeconomic Perspective

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Author Info

  • Anders Sørensen

    ()

  • Tryggvi Herbertsson

Abstract

A fundamental problem for an economy based on a common property resource is the absence of a market to trade the resource. This implies that private costs will be below social costs. This paper investigates possible government interventions that correct for such distortions in a neoclassical growth model with a production externality in harvesting. The model predicts that the welfare of the representative household increases considerably when a Piguovian tax is implemented. The policy that replicates the command optimum is highly complex and changes over time. On the other hand, a large share of the maximum welfare increase is internalized by introducing a constant quantity tax, suggesting that the potential of such policies is high. Copyright Kluwer Academic Publishers 1998

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File URL: http://hdl.handle.net/10.1023/A:1008259930251
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Bibliographic Info

Article provided by European Association of Environmental and Resource Economists in its journal Environmental and Resource Economics.

Volume (Year): 12 (1998)
Issue (Month): 1 (July)
Pages: 53-76

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Handle: RePEc:kap:enreec:v:12:y:1998:i:1:p:53-76

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Web page: http://www.springerlink.com/link.asp?id=100263

Related research

Keywords: resource based growth; resource rent; problem of the commons;

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References

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  1. Fair, Ray C & Taylor, John B, 1983. "Solution and Maximum Likelihood Estimation of Dynamic Nonlinear Rational Expectations Models," Econometrica, Econometric Society, vol. 51(4), pages 1169-85, July.
  2. Chichilnisky, Graciela, 1994. "Property rights and the dynamics of renewable resources in North-South trade, Chapter 1," MPRA Paper 8513, University Library of Munich, Germany.
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Cited by:
  1. Herbertsson, Tryggvi Thor, 2003. "Accounting for human capital externalities with an application to the Nordic countries," European Economic Review, Elsevier, vol. 47(3), pages 553-567, June.

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