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Over-exploitation of open-access natural resources and global indeterminacy in an economic growth model

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  • Angelo Antoci

    ()
    (Universita' degli Studi di Sassari)

  • Marcello Galeotti

    ()
    (Dipartimento di Matematica per le Decisioni, Universita' degli Studi di Firenze)

  • Paolo Russu

    (Universita' degli Studi di Sassari)

Abstract

In this paper we use global analysis techniques to investigate an economic growth model with environmental negative externalities, giving rise to a three-dimensional dynamic system (the framework is the one introduced by Wirl (1997)). The dynamics of our model admits a locally attracting steady state which is, in fact, a poverty trap, coexisting with another steady state possessing saddle-point stability. Global dynamical analysis shows that, under some conditions on the parameters, if the economy state variables are close enough to those of the attractive point, then there exists a continuum of equilibrium orbits approaching the poverty trap and one orbit approaching the saddle-point.

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Bibliographic Info

Paper provided by Universita' degli Studi di Firenze, Dipartimento di Scienze per l'Economia e l'Impresa in its series Working Papers - Mathematical Economics with number 2009-05.

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Length: 27 pages
Date of creation: Oct 2009
Date of revision:
Handle: RePEc:flo:wpaper:2009-05

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Related research

Keywords: environmental externalities; indeterminacy; history versus expectations; global analysis of dynamic systems;

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  1. Costanza, Robert & Perrings, Charles, 1990. "A flexible assurance bonding system for improved environmental management," Ecological Economics, Elsevier, vol. 2(1), pages 57-75, April.
  2. Jorgen W. Weibull, 1997. "Evolutionary Game Theory," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262731215, December.
  3. Perrings, Charles, 1989. "Environmental bonds and environmental research in innovative activities," Ecological Economics, Elsevier, vol. 1(1), pages 95-110, February.
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Cited by:
  1. Been-Lon Chen & Yu-Shan Hsu & Kazuo Mino, 2013. "Can consumption habit spillovers be a source of equilibrium indeterminacy?," Journal of Economics, Springer, vol. 109(3), pages 245-269, July.

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