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Decreasing of Oil Extraction: Consumption behavior along transition paths

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Author Info
Bazhanov, Andrei

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Abstract

A normative analysis of the problem of optimal extraction of a non-renewable resource is considered. The economy depends on the essential non-renewable resource and the rate of the resource extraction increases over time. At some instant the government gradually switches to a sustainable (in sense of non-decreasing consumption over time) pattern of the resource extraction. Different approaches are offered for the construction some curves of switching to decreasing paths of the resource depletion. Consumption paths have diverse behavior patterns along these curves, including a path of unlimited growth. A new approach to the Rawlsian maximin criterion which allows for growth of consumption is offered.

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File URL: http://mpra.ub.uni-muenchen.de/469/
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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 469.

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Date of creation: 08 Oct 2006
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Handle: RePEc:pra:mprapa:469

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Related research
Keywords: Non-renewable resource Intergenerational justice Hartwick rule Optimal path of extraction Generalized Rawlsian criterion

Find related papers by JEL classification:
Q38 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - Government Policy (includes OPEC Policy)
Q32 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - Exhaustible Resources and Economic Development

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Asheim, Geir B, 1994. " Net National Product as an Indicator of Sustainability," Scandinavian Journal of Economics, Blackwell Publishing, vol. 96(2), pages 257-65.
  2. Newbery, David M G, 1981. "Oil Prices, Cartels, and the Problem of Dynamic Inconsistency," Economic Journal, Royal Economic Society, vol. 91(363), pages 617-46, September. [Downloadable!] (restricted)
  3. Hartwick, John M, 1977. "Intergenerational Equity and the Investing of Rents from Exhaustible Resources," American Economic Review, American Economic Association, vol. 67(5), pages 972-74, December. [Downloadable!] (restricted)
    Other versions:
  4. Asheim, Geir B. & Buchholz, Wolfgang & Hartwick, John M. & Mitra, Tapan & Withagen, Cees, 2005. "Constant savings rates and quasi-arithmetic population growth under exhaustible resource constraints," Memorandum 23/2005, Oslo University, Department of Economics. [Downloadable!]
    Other versions:
  5. Kaganovich, Michael, 2000. "Decentralization of Intertemporal Economies with Discounted Maximin Criterion," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 41(4), pages 1021-47, November.
  6. Carolyn Fischer & Cees Withagen & Michael Toman, 2004. "Optimal Investment in Clean Production Capacity," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 28(3), pages 325-345, July. [Downloadable!] (restricted)
    Other versions:
  7. Ngo Van Long, 2007. "A Mixed Bentham-Rawls Criterion for Intergenerational Equity," CIRANO Working Papers 2007s-08, CIRANO. [Downloadable!]
  8. James Konow, 2003. "Which Is the Fairest One of All? A Positive Analysis of Justice Theories," Journal of Economic Literature, American Economic Association, vol. 41(4), pages 1188-1239, December.
  9. Castanheira, Micael & Roland, Gérard, 1996. "The Optimal Speed of Transition: A General Equilibrium Analysis," CEPR Discussion Papers 1442, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  10. Francisco Alvarez-Cuadrado & Ngo Van Long, 2007. "A Mixed Bentham-Rawls Criterion For Intergenerational Equity: Theory And Implications," Departmental Working Papers 2007-03, McGill University, Department of Economics. [Downloadable!]
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Bazhanov, Andrei, 2008. "Maximin-optimal sustainable growth with nonrenewable resource and externalities," MPRA Paper 9510, University Library of Munich, Germany, revised 02 Jul 2008. [Downloadable!]
    Other versions:
  2. Bazhanov, Andrei, 2007. "The peak of oil extraction and consistency of the government's short- and long-run policies," MPRA Paper 2507, University Library of Munich, Germany. [Downloadable!]
  3. Andreeva, Anastasiya & Bazhanov, Andrei, 2007. "Сценарии Перехода К Устойчивым Темпам Добычи Нефти В России
    [Scenarios of transition to sustainable oil extraction in Russia]    ," MPRA Paper 5343, University Library of Munich, Germany. [Downloadable!]
  4. Bazhanov, Andrei, 2007. "Switching to a sustainable efficient extraction path," MPRA Paper 2976, University Library of Munich, Germany. [Downloadable!]
  5. Bazhanov, Andrei, 2006. "The peak of oil extraction and a modified maximin principle," MPRA Paper 1671, University Library of Munich, Germany, revised 12 Feb 2007. [Downloadable!]
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