Saddles, Indeterminacy and Bifurcations in an Overlapping Generations Economy with a Renewable Resource
AbstractWe incorporate a renewable resource into an overlapping generations model with standard, well-behaved utility and constant returns to scale production functions. Besides being a factor of production the resource serves as a store of value. We characterize dynamics, efficiency and stability of steady state equilibria and show that the nature of steady state equilibrium depends on the value of the intertemporal elasticity of substitution in consumption.
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Bibliographic InfoPaper provided by Department of Economics in its series University of Helsinki, Department of Economics with number 476.
Length: 35 pages
Date of creation: 2000
Date of revision:
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Postal: University of Helsinki; Department of Economics, P.O.Box 54 (Unioninkatu 37) FIN-00014 Helsingin Yliopisto
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GENERATIONS ; ENVIRONMENT ; MATHEMATICAL ANALYSIS;
Find related papers by JEL classification:
- D90 - Microeconomics - - Intertemporal Choice - - - General
- Q20 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - General
- C62 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Existence and Stability Conditions of Equilibrium
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