Myopia and the economics of nonrenewable resources
The paper focuses on the important problem of limited natural resources by examining a dynamic framework in which the total life-time amount of consumption is fixed. The problem is studied separately for logarithmic and exponential utility, and separately for non-myopic and myopic preferences. The sensitivity of utility to the degree of myopia critically depends on the preference specification.
Volume (Year): 15 (2008)
Issue (Month): 25 ()
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