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Exhaustible Resources in an Overlapping Generations Economy

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  • David R. F. Love

Abstract

This paper explores the natural resource consumption behavior of a competitively determined economy relative to a socially planned benchmark when agents are characterized as having finite lifespans which overlap. A general equilibrium model of a production economy which uses inputs from a finite stock of an aggregate natural resource is formulated and solved for the rates of resource extraction associated with the competitive outcome and the socially planned one. It is shown that resource extraction in the competitive economy can exceed that of the socially planned optimum and that intergenerational inequities result.

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File URL: http://qed.econ.queensu.ca/working_papers/papers/qed_wp_844.pdf
File Function: First version 1991
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Bibliographic Info

Paper provided by Queen's University, Department of Economics in its series Working Papers with number 844.

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Date of creation: Jun 1991
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Handle: RePEc:qed:wpaper:844

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Keywords: overlapping generation; essential non-renewable resources; social planning problem; competitive agents; extraction rates; dynamic programming; stability and convergence.;

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