Policy Rules for Exploitation of Renewable Resources: A Macroeconomic Perspective
AbstractA fundamental problem for an economy based on a common property resource is the absence of a market to trade the resource. This implies that private costs are below social costs. This paper investigates possible government interventions that correct for such distortions in a neoclassical growth model with a production externality in harvesting. The model predicts that the welfare of the representative householdsThe policy that replicates the command optimum is highly complex and changes over time. On the other hand, a large share of the maximum welfare indrease is internalized by introducing a constant quantity tax, suggesting that the potential of such policies is high.
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Bibliographic InfoPaper provided by Economic Policy Research Unit (EPRU), University of Copenhagen. Department of Economics in its series EPRU Working Paper Series with number 96-14.
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- Anders Sørensen & Tryggvi Herbertsson, 1998. "Policy Rules for Exploitation of Renewable Resources: A Macroeconomic Perspective," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 12(1), pages 53-76, July.
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- Ray C. Fair & John B. Taylor, 1980.
"Solution and Maximum Likelihood Estimation of Dynamic Nonlinear Rational Expectations Models,"
Cowles Foundation Discussion Papers
564, Cowles Foundation for Research in Economics, Yale University.
- Fair, Ray C & Taylor, John B, 1983. "Solution and Maximum Likelihood Estimation of Dynamic Nonlinear Rational Expectations Models," Econometrica, Econometric Society, vol. 51(4), pages 1169-85, July.
- Ray C. Fair & John B. Taylor, 1980. "Solution and Maximum Likelihood Estimation of Dynamic Nonlinear RationalExpectations Models," NBER Technical Working Papers 0005, National Bureau of Economic Research, Inc.
- Chichilnisky, Graciela, 1994. "Property rights and the dynamics of renewable resources in North-South trade, Chapter 1," MPRA Paper 8513, University Library of Munich, Germany.
- Herbertsson, Tryggvi Thor, 2003. "Accounting for human capital externalities with an application to the Nordic countries," European Economic Review, Elsevier, vol. 47(3), pages 553-567, June.
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