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Policy Rules for Exploitation of Renewable Resources: A Macroeconomic Perspective

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  • Tryggvi Thor Herbertsson
  • Anders Sørensen

Abstract

A 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 Info

Paper 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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Handle: RePEc:kud:epruwp:96-14

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  1. 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.
  2. 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.
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Cited by:
  1. 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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