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Non-Smooth Sustainable Development With Overshooting

  • Hassan Benchekroun
  • Seiichi Katayama
  • Ngo Van Long

We show that, in a model with substitutability between capital and resources, the path of sustainable development may be non-smooth, and may exhibit the overshooting property: starting from low levels of capital and resources, the economy may accumulate capital beyond its steady-state level, before converging to it in finite time. Nous démontrons que, dans un modèle avec la substitution entre le capital et les ressources naturelles, le sentier du développement peut être non-monotone. Si l'on commence avec un niveau faible de capital et de ressources naturelles, le sentier optimal peut dépasse le niveau du capital de l'état stationnaire. La convergence s'effectue en temps fini.

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Paper provided by CIRANO in its series CIRANO Working Papers with number 2006s-26.

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Length: 35 pages
Date of creation: 01 Nov 2006
Date of revision:
Handle: RePEc:cir:cirwor:2006s-26
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  1. repec:cup:cbooks:9780521637329 is not listed on IDEAS
  2. Chichilnisky, Graciela & Beltratti, Andrea & Heal, Geoffrey, 1998. "Sustainable use of renewable resources, Chapter 2.1," MPRA Paper 8815, University Library of Munich, Germany.
  3. Clark, Colin W & Clarke, Frank H & Munro, Gordon R, 1979. "The Optimal Exploitation of Renewable Resource Stocks: Problems of Irreversible Investment," Econometrica, Econometric Society, vol. 47(1), pages 25-47, January.
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