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Sustainability of an economy with an exhaustible resource: A viable control approach

Listed author(s):
  • Vincent Martinet

    ()

    (ECO-PUB - Economie Publique - INRA - Institut National de la Recherche Agronomique - AgroParisTech)

  • Luc Doyen

    (CERSP - Conservation des espèces, restauration et suivi des populations - UPMC - Université Pierre et Marie Curie - Paris 6 - CNRS - Centre National de la Recherche Scientifique)

In this article, the authors examine the conditions for the sustainability of a production–consumption system based on the use of an exhaustible natural resource. Instead of studying the environmental and economic interactions in terms of optimal control, they focus on the viability of the system, defined by a set of constraints combining guaranteed consumption and a stock of resources to be preserved at all times, which refers to a Rawlsian intergenerational equity perspective. Using the mathematical concept of viability kernel, which makes it possible to deal with the consistency between constraints and controlled dynamics, they exhibit the sustainable technological configurations and, whenever possible, the policy options and environmental economic states required to obtain a perennial system. They point out the flexibility of the sustainable ‘‘extraction–consumption’’ choices and they show how they are neither reduced to constant consumption paths nor to Hartwick’s rule. Numerical simulations illustrate the general results.

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Paper provided by HAL in its series Post-Print with number hal-01186925.

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Date of creation: 2007
Publication status: Published in Resource and Energy Economics, Elsevier, 2007, 29 (1), pp.17-39. 〈10.1016/j.reseneeco.2006.03.003〉
Handle: RePEc:hal:journl:hal-01186925
DOI: 10.1016/j.reseneeco.2006.03.003
Note: View the original document on HAL open archive server: https://hal.archives-ouvertes.fr/hal-01186925
Contact details of provider: Web page: https://hal.archives-ouvertes.fr/

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  1. Howarth, Richard B., 1991. "Intertemporal equilibria and exhaustible resources: an overlapping generations approach," Ecological Economics, Elsevier, vol. 4(3), pages 237-252, December.
  2. Bonneuil, Noel, 1994. "Capital Accumulation, Inertia of Consumption and Norms of Reproduction," Journal of Population Economics, Springer;European Society for Population Economics, vol. 7(1), pages 49-62.
  3. L. Doyen & C Bene, 2003. "Sustainability of fisheries through marine reserves: a robust modeling analysis," Post-Print hal-00716683, HAL.
  4. Butterfield, David W., 2003. "Resource depletion under uncertainty: implications for mine depreciation, Hartwick's Rule and national accounting," Resource and Energy Economics, Elsevier, vol. 25(3), pages 219-238, August.
  5. Daly, Herman E., 1990. "Toward some operational principles of sustainable development," Ecological Economics, Elsevier, vol. 2(1), pages 1-6, April.
  6. 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.
  7. Burton Peter S., 1993. "Intertemporal Preferences and Intergenerational Equity Considerations in Optimal Resource Harvesting," Journal of Environmental Economics and Management, Elsevier, vol. 24(2), pages 119-132, March.
  8. Graciela Chichilnisky, 1996. "An axiomatic approach to sustainable development," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 13(2), pages 231-257, April.
  9. Bene, C. & Doyen, L. & Gabay, D., 2001. "A viability analysis for a bio-economic model," Ecological Economics, Elsevier, vol. 36(3), pages 385-396, March.
  10. Howarth, Richard B., 1991. "Intergenerational competitive equilibria under technological uncertainty and an exhaustible resource constraint," Journal of Environmental Economics and Management, Elsevier, vol. 21(3), pages 225-243, November.
  11. Gerlagh, Reyer & Keyzer, Michiel A., 2003. "Efficiency of conservationist measures: an optimist viewpoint," Journal of Environmental Economics and Management, Elsevier, vol. 46(2), pages 310-333, September.
  12. R. M. Solow, 1974. "Intergenerational Equity and Exhaustible Resources," Review of Economic Studies, Oxford University Press, vol. 41(5), pages 29-45.
  13. Heal, G., 1998. "Valuing the Future: Economic Theory and Sustainability," Papers 98-10, Columbia - Graduate School of Business.
  14. Chichilnisky, Graciela & Heal, Geoffrey & Beltratti, Andrea, 1995. "The Green Golden Rule," Economics Letters, Elsevier, vol. 49(2), pages 175-179, August.
  15. Olson, Lars J. & Knapp, Keith C., 1997. "Exhaustible Resource Allocation in an Overlapping Generations Economy," Journal of Environmental Economics and Management, Elsevier, vol. 32(3), pages 277-292, March.
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