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Sustained development of a society with a renewable resource

  • Cairns, Robert D.
  • Tian, Huilan

A maximin program is applied to a policy of sustaining a simple society whose population is dependent on a resource subject to logistic growth. Regular and non-regular paths are characterized. There are continua of both regular and non-regular solutions, the type depending on the initial conditions. A non-regular path involves an intermediate part in which the sustainment constraint is not effective. All solutions are time consistent and Pareto optimal. Because a problem may not be regular, it is not valid to assume that sustainment implies constant utility.

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Article provided by Elsevier in its journal Journal of Economic Dynamics and Control.

Volume (Year): 34 (2010)
Issue (Month): 6 (June)
Pages: 1048-1061

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Handle: RePEc:eee:dyncon:v:34:y:2010:i:6:p:1048-1061
Contact details of provider: Web page: http://www.elsevier.com/locate/jedc

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  1. Solow, Robert, 1993. "An almost practical step toward sustainability," Resources Policy, Elsevier, vol. 19(3), pages 162-172, September.
  2. Antoine D'Autume & Katheline Schubert, 2008. "Hartwick's rule and maximin paths when the exhaustible resource has an amenity value," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00275765, HAL.
  3. Asako, Kazumi, 1980. "Economic growth and environmental pollution under the max-min principle," Journal of Environmental Economics and Management, Elsevier, vol. 7(3), pages 157-183, September.
  4. Dasgupta, Partha, 2001. "Human Well-Being and the Natural Environment," OUP Catalogue, Oxford University Press, number 9780199247882.
  5. Leonard, Daniel, 1981. "The signs of the co-state variables and sufficiency conditions in a class of optimal control problems," Economics Letters, Elsevier, vol. 8(4), pages 321-325.
  6. Martinet, V. & Doyen, L., 2007. "Sustainability of an economy with an exhaustible resource: A viable control approach," Resource and Energy Economics, Elsevier, vol. 29(1), pages 17-39, January.
  7. John Hartwick, 1976. "Intergenerational Equity and the Investing of Rents from Exhaustible Resources," Working Papers 220, Queen's University, Department of Economics.
  8. Dixit, Avinash & Hammond, Peter & Hoel, Michael, 1980. "On Hartwick's Rule for Regular Maximin Paths of Capital Accumulation and Resource Depletion," Review of Economic Studies, Wiley Blackwell, vol. 47(3), pages 551-56, April.
  9. Cairns, Robert D. & Long, Ngo Van, 2006. "Maximin: a direct approach to sustainability," Environment and Development Economics, Cambridge University Press, vol. 11(03), pages 275-300, June.
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