Saddles, Indeterminacy and Bifurcations in an Overlapping Generations Economy with a Renewable Resource
We incorporate a renewable resource into an overlapping generations model with standard, well-behaved utility and constant returns to scale production functions. Besides being a factor of production the resource serves as a store of value. We characterize dynamics, efficiency and stability of steady state equilibria and show that the nature of steady state equilibrium depends on the value of the intertemporal elasticity of substitution in consumption.
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|Date of creation:||2000|
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