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Investment Decisions, Future Consumption and Sustainability under Optimal Growth

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Author Info

  • Aronsson, Thomas
  • Johansson, Per-Olov

    ()
    (Dept. of Economics, Stockholm School of Economics)

  • Löfgren, Karl-Gustaf
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    Abstract

    In this paper we derive an exact relationship between the net investment at a given point in time and future consumption plans. Our result is general in the sense that it neither requires a constant rate of time preference nor an exponential discount function. One interpretation of the result is in terms of the willingness to pay for net investments, while another interpretation relates to conditions for sustainability.

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    Bibliographic Info

    Paper provided by Stockholm School of Economics in its series Working Paper Series in Economics and Finance with number 49.

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    Length: 11 pages
    Date of creation: Mar 1995
    Date of revision:
    Handle: RePEc:hhs:hastef:0049

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    Postal: The Economic Research Institute, Stockholm School of Economics, P.O. Box 6501, 113 83 Stockholm, Sweden
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    Related research

    Keywords: Ramesy model; welfare measurement; national product;

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    References

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    1. Karl-Göran Mäler, 1991. "National accounts and environmental resources," Environmental & Resource Economics, European Association of Environmental and Resource Economists, European Association of Environmental and Resource Economists, vol. 1(1), pages 1-15, March.
    2. Asheim, Geir B, 1994. " Net National Product as an Indicator of Sustainability," Scandinavian Journal of Economics, Wiley Blackwell, Wiley Blackwell, vol. 96(2), pages 257-65.
    3. Weitzman, Martin L, 1976. "On the Welfare Significance of National Product in a Dynamic Economy," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 90(1), pages 156-62, February.
    4. Hartwick, John M, 1977. "Intergenerational Equity and the Investing of Rents from Exhaustible Resources," American Economic Review, American Economic Association, American Economic Association, vol. 67(5), pages 972-74, December.
    5. Hartwick, John M., 1990. "Natural resources, national accounting and economic depreciation," Journal of Public Economics, Elsevier, Elsevier, vol. 43(3), pages 291-304, December.
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    Cited by:
    1. Mitra, Tapan, 2000. "Intertemporal Equity and Efficient Allocation of Resources," Working Papers, Cornell University, Center for Analytic Economics 00-12, Cornell University, Center for Analytic Economics.

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