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On the Peaking of Consumption with Exhaustible Resources and Zero Net Investment

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  • John Hartwick
  • Ngo Van Long
  • Huilan Tian

Abstract

We investigate an intertemporal model with an exhaustible resource inflowwhich exhibits a single peak in consumption on the path of development. Thepeak follows the date at which net investment is zero. The ``top'' ofconsumption is higher and flatter and peaks later when the discount rate islower. ``Low'' endowments of the exhaustible resource stock (and ``high''discount rates) are associated with strictly declining consumption paths. Copyright Kluwer Academic Publishers 2003

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File URL: http://hdl.handle.net/10.1023/A:1022986119310
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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): 24 (2003)
Issue (Month): 3 (March)
Pages: 235-244

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Handle: RePEc:kap:enreec:v:24:y:2003:i:3:p:235-244

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

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Keywords: consumption peak; net investment zero;

References

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  1. M. L. Weitzman, 1974. "On the Welfare Significance of National Product in Dynamic Economy," Working papers 125, Massachusetts Institute of Technology (MIT), Department of Economics.
  2. Dasgupta,P. S. & Heal,G. M., 1985. "Economic Theory and Exhaustible Resources," Cambridge Books, Cambridge University Press, number 9780521297615, October.
  3. R. M. Solow, 1973. "Intergenerational Equity and Exhaustable Resources," Working papers 103, Massachusetts Institute of Technology (MIT), Department of Economics.
  4. Asheim, Geir B, 1994. " Net National Product as an Indicator of Sustainability," Scandinavian Journal of Economics, Wiley Blackwell, vol. 96(2), pages 257-65.
  5. Pezzey, John C V & Withagen, Cees A, 1998. " The Rise, Fall and Sustainability of Capital-Resource Economies," Scandinavian Journal of Economics, Wiley Blackwell, vol. 100(2), pages 513-27, June.
  6. Pearce, David W. & Atkinson, Giles D., 1993. "Capital theory and the measurement of sustainable development: an indicator of "weak" sustainability," Ecological Economics, Elsevier, vol. 8(2), pages 103-108, October.
  7. Dasgupta, Partha & M Ler, Karl-G Ran, 2000. "Net national product, wealth, and social well-being," Environment and Development Economics, Cambridge University Press, vol. 5(01), pages 69-93, February.
  8. Hamilton, Kirk & Clemens, Michael, 1999. "Genuine Savings Rates in Developing Countries," World Bank Economic Review, World Bank Group, vol. 13(2), pages 333-56, May.
  9. Pemberton, Malcolm & Ulph, David, 2001. " Measuring Income and Measuring Sustainability," Scandinavian Journal of Economics, Wiley Blackwell, vol. 103(1), pages 25-40, March.
  10. Kirk Hamilton & John Hartwick, 2005. "Investing exhaustible resource rents and the path of consumption," Canadian Journal of Economics, Canadian Economics Association, vol. 38(2), pages 615-621, May.
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Citations

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Cited by:
  1. Benchekroun, Hassan & Withagen, Cees, 2011. "The optimal depletion of exhaustible resources: A complete characterization," Resource and Energy Economics, Elsevier, vol. 33(3), pages 612-636, September.
  2. Simone Valente, 2005. "Genuine Dissaving and Optimal Growth," Others 0505009, EconWPA.
  3. BENCHEKROUN, Hassan & WITHAGEN, Cees, 2008. "Global Dynamics in a Growth Model with an Exhaustible Resource," Cahiers de recherche 11-2008, Centre interuniversitaire de recherche en ├ęconomie quantitative, CIREQ.

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