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Myopia and the economics of nonrenewable resources

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  • Petr Duczynski

Abstract

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.

Suggested Citation

  • Petr Duczynski, 2008. "Myopia and the economics of nonrenewable resources," Bulletin of the Czech Econometric Society, The Czech Econometric Society, vol. 15(25).
  • Handle: RePEc:czx:journl:v:15:y:2008:i:25:id:160
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    File URL: http://ces.utia.cas.cz/bulletin/index.php/bulletin/article/view/160
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    More about this item

    Keywords

    Consumption; Myopia; Natural resources; Utility;

    JEL classification:

    • D60 - Microeconomics - - Welfare Economics - - - General
    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making
    • Q30 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - General

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