On the Peaking of Consumption with Exhaustible Resources and Zero Net Investment
We investigate an intertemporal model with an exhaustible resource inflowwhich exhibits a single peak in consumption on the path of development. Thepeak follows the date at which net investment is zero. The ``top'' ofconsumption is higher and flatter and peaks later when the discount rate islower. ``Low'' endowments of the exhaustible resource stock (and ``high''discount rates) are associated with strictly declining consumption paths. Copyright Kluwer Academic Publishers 2003
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Volume (Year): 24 (2003)
Issue (Month): 3 (March)
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