Common and private property to exhaustible resources: theoretical implications for economic growth
AbstractWe develop two models of economic growth with exhaustible natural resources and consumers heterogeneous in time preferences. The first model assumes private ownership of natural resources. In the second model, natural resources are commonly owned and the resource extraction rate is chosen by voting. We show that if discount factors are given exogenously, the long-run rate of growth under private property is higher than or equal to that under common property. If the discount factors are formed endogenously, under some circumstances common property can result in a higher rate of growth than private property.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoPaper provided by European University at St. Petersburg, Department of Economics in its series EUSP Deparment of Economics Working Paper Series with number Ec-02/10.
Length: 20 pages
Date of creation: 18 Aug 2010
Date of revision: 29 Sep 2010
Note: Presented at the Monte Verita Conference on Sustainable Resource Use and Economic Dynamics — SURED 2010 (Ascona, Switzerland, June 7-10, 2010), the 2010 World Conference on Natural Resource Modeling (Helsinki, Finland, June 16-19, 2010) and the 11th Annual Conference of the Association for Public Economic Theory (PET10, Istanbul, Turkey, June 25-27, 2010).
Contact details of provider:
Postal: 3 Gagarinskaya Street, 191187 St. Petersburg
Phone: +7 (812) 275-1130
Web page: http://www.eu.spb.ru/econ/
More information through EDIRC
economic growth; taxation; voting;
Other versions of this item:
- Borissov, Kirill & Surkov, Alexander, 2010. "Common and private property to exhaustible resources: theoretical implications for economic growth," MPRA Paper 27524, University Library of Munich, Germany.
- Q32 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - Exhaustible Resources and Economic Development
- E13 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Neoclassical
- D91 - Microeconomics - - Intertemporal Choice - - - Intertemporal Household Choice; Life Cycle Models and Saving
- O40 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General
This paper has been announced in the following NEP Reports:
- NEP-ALL-2011-01-23 (All new papers)
- NEP-DGE-2011-01-23 (Dynamic General Equilibrium)
- NEP-ENV-2011-01-23 (Environmental Economics)
- NEP-FDG-2011-01-23 (Financial Development & Growth)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- B. Douglas Bernheim & Sita Nataraj Slavov, 2007.
"A Solution Concept for Majority Rule in Dynamic Settings,"
07-029, Stanford Institute for Economic Policy Research.
- B. D. Bernheim & S. N. Slavov, 2009. "A Solution Concept for Majority Rule in Dynamic Settings," Review of Economic Studies, Oxford University Press, vol. 76(1), pages 33-62.
- Heltberg, Rasmus, 2002. " Property Rights and Natural Resource Management in Developing Countries," Journal of Economic Surveys, Wiley Blackwell, vol. 16(2), pages 189-214, April.
- Becker, Robert A, 1980. "On the Long-Run Steady State in a Simple Dynamic Model of Equilibrium with Heterogeneous Households," The Quarterly Journal of Economics, MIT Press, vol. 95(2), pages 375-82, September.
- Thomas F. Cooley & Jorge Soares, 1999. "A Positive Theory of Social Security Based on Reputation," Journal of Political Economy, University of Chicago Press, vol. 107(1), pages 135-160, February.
- Antonio Rangel, 2003. "Forward and Backward Intergenerational Goods: Why Is Social Security Good for the Environment?," American Economic Review, American Economic Association, vol. 93(3), pages 813-834, June.
- Krusell, Per & Quadrini, Vincenzo & Rios-Rull, Jose-Victor, 1997. "Politico-economic equilibrium and economic growth," Journal of Economic Dynamics and Control, Elsevier, vol. 21(1), pages 243-272, January.
- Kirill Borissov & Stéphane Lambrecht, 2009.
"Growth and distribution in an AK-model with endogenous impatience,"
Springer, vol. 39(1), pages 93-112, April.
- BORISSOV, Kirill & LAMBRECHT, Stéphane, . "Growth and distribution in an AK-model with endogenous impatience," CORE Discussion Papers RP -2134, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
- BORISSOV, Kirill & LAMBRECHT, Stéphane, 2007. "Growth and distribution in an AK-model with endogenous impatience," CORE Discussion Papers 2007044, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
- Chermak, Janie M. & Patrick, Robert H., 2002. "Comparing tests of the theory of exhaustible resources," Resource and Energy Economics, Elsevier, vol. 24(4), pages 301-325, November.
- Susan Randolph & Patrick Guyer, 2011. "Tracking the Historical Evolution of States' Compliance with their Economics and Social Rights Obligations of Result: Insights from the Historical SERF Index," Economic Rights Working Papers 18, University of Connecticut, Human Rights Institute.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Yuriy Balagula).
If references are entirely missing, you can add them using this form.