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Golden Rules For Sustainable Resource Management

Author

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  • Lee Endress
  • James A. Roumasset

    () (Department of Economics, University of Hawaii at Manoa)

Abstract

This paper presents a simple model of resource management that combines use of a nonrenewable resource, such as oil, with eventual transition to a backstop substitute resource in infinite supply (e.g., solar energy). In the context of this model, we derive golden rules that govern efficiency in both the accumulation of capital and in the extraction of natural resources for use in production. These results supplement the Solow/Hartwick model of maximum consumption in helping to illuminate the notion of sustainable development.

Suggested Citation

  • Lee Endress & James A. Roumasset, 1993. "Golden Rules For Sustainable Resource Management," Working Papers 199319, University of Hawaii at Manoa, Department of Economics.
  • Handle: RePEc:hai:wpaper:199319
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    File URL: http://www.economics.hawaii.edu/research/workingpapers/88-98/WP_93-19.pdf
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    Cited by:

    1. Jouvet, Pierre-André & Schumacher, Ingmar, 2012. "Learning-by-doing and the costs of a backstop for energy transition and sustainability," Ecological Economics, Elsevier, vol. 73(C), pages 122-132.
    2. Chang, Youngho & Fang, Zheng, 2017. "Efficient, equitable and sustainable energy policy in a small open economy: Concepts and assessments," Energy Policy, Elsevier, vol. 105(C), pages 493-501.
    3. Jannett Highfill & Michael McAsey, 2001. "Landfilling Versus ``Backstop'' Recycling When Income Is Growing," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 19(1), pages 37-52, May.
    4. Endress, Lee H. & Roumasset, James A. & Zhou, Ting, 2005. "Sustainable growth with environmental spillovers," Journal of Economic Behavior & Organization, Elsevier, vol. 58(4), pages 527-547, December.
    5. James A Roumasset & Lee H Endress, 2000. "Sustainable Development Without Constraints," Working Papers 200009, University of Hawaii at Manoa, Department of Economics.
    6. James A. Roumasset & Lee Endress, 1996. "The Yin and yang of Sustainable Development: A Case for Win-Win Environmentalism," Working Papers 199604, University of Hawaii at Manoa, Department of Economics.
    7. repec:taf:rjapxx:v:1:y:1996:i:2:p:185-194 is not listed on IDEAS

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