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Zero discounting and optimal paths of depletion of an exhaustible resource with an amenity value

Listed author(s):
  • Antoine D'Autume

    ()

    (CES - Centre d'économie de la Sorbonne - UP1 - Université Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique, PSE - Paris School of Economics)

  • Katheline Schubert

    ()

    (CES - Centre d'économie de la Sorbonne - UP1 - Université Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique)

This paper studies the undiscounted utilitarian optimal paths of the canonical Dasgupta--Heal--Solow model when the stock of natural capital is a direct argument of well-being, besides consumption. We use a Keynes--Ramsey rule which yields a generalization of Hartwick's rule. We characterize solutions in the Cobb-Douglas utility case, and analyse the ifluence of the intertemporal elasticity of substitution on the time profile of the optimal paths. We also show that the ratio of the values of the resource and capital stocks remains constant along the optimal path, and is independent of initial conditions.

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Paper provided by HAL in its series Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) with number halshs-00424045.

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Date of creation: 2008
Publication status: Published in Revue d Economie Politique, Editions Dalloz, 2008, 118 (6), pp.827-845
Handle: RePEc:hal:cesptp:halshs-00424045
Note: View the original document on HAL open archive server: https://halshs.archives-ouvertes.fr/halshs-00424045
Contact details of provider: Web page: https://hal.archives-ouvertes.fr/

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  1. Mitra, Tapan, 1980. "On Optimal Depletion of Exhaustible Resources: Existence and Characterization Results," Econometrica, Econometric Society, vol. 48(6), pages 1431-1450, September.
  2. Hartwick, John M, 1977. "Intergenerational Equity and the Investing of Rents from Exhaustible Resources," American Economic Review, American Economic Association, vol. 67(5), pages 972-974, December.
  3. d'Autume, Antoine & Schubert, Katheline, 2008. "Hartwick's rule and maximin paths when the exhaustible resource has an amenity value," Journal of Environmental Economics and Management, Elsevier, vol. 56(3), pages 260-274, November.
  4. R. M. Solow, 1974. "Intergenerational Equity and Exhaustible Resources," Review of Economic Studies, Oxford University Press, vol. 41(5), pages 29-45.
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