Golden Rules For Sustainable Resource Management
AbstractThis paper presents a simple model of resource management that combines use of a nonrenewable resource, such as oil, with eventual transition to a backstop substitute resource in infinite supply (e.g., solar energy). In the context of this model, we derive golden rules that govern efficiency in both the accumulation of capital and in the extraction of natural resources for use in production. These results supplement the Solow/Hartwick model of maximum consumption in helping to illuminate the notion of sustainable development.
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Bibliographic InfoPaper provided by University of Hawaii at Manoa, Department of Economics in its series Working Papers with number 199319.
Length: 28 pages
Date of creation: 1993
Date of revision:
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- Jannett Highfill & Michael McAsey, 2001. "Landfilling Versus ``Backstop'' Recycling When Income Is Growing," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 19(1), pages 37-52, May.
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- James A Roumasset & Lee H Endress, 2000. "Sustainable Development Without Constraints," Working Papers 200009, University of Hawaii at Manoa, Department of Economics.
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