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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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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. 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.
  2. 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.
  3. R. M. Solow, 1973. "Intergenerational Equity and Exhaustable Resources," Working papers 103, Massachusetts Institute of Technology (MIT), Department of Economics.
  4. 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.
  5. Weitzman, Martin L, 1976. "On the Welfare Significance of National Product in a Dynamic Economy," The Quarterly Journal of Economics, MIT Press, vol. 90(1), pages 156-62, February.
  6. 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.
  7. 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.
  8. Asheim, Geir B, 1994. " Net National Product as an Indicator of Sustainability," Scandinavian Journal of Economics, Wiley Blackwell, vol. 96(2), pages 257-65.
  9. Dasgupta,P. S. & Heal,G. M., 1985. "Economic Theory and Exhaustible Resources," Cambridge Books, Cambridge University Press, number 9780521297615.
  10. Pemberton, Malcolm & Ulph, David, 2001. " Measuring Income and Measuring Sustainability," Scandinavian Journal of Economics, Wiley Blackwell, vol. 103(1), pages 25-40, March.
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Cited by:
  1. Simone Valente, 2005. "Genuine Dissaving and Optimal Growth," Others 0505009, EconWPA.
  2. Hassan Benchekroun & Cees Withagen, 2010. "The Optimal Depletion Of Exhaustible Resources: A Complete Characterization," Departmental Working Papers 2010-01, McGill University, Department of Economics.
  3. Hassan Benchekroun & Cees Withagen, 2008. "Global Dynamics In A Growth Model With An Exhaustible Resource," Departmental Working Papers 2008-01, McGill University, Department of Economics.

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