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Investment Decisions, Future Consumption and Sustainability under Optimal Growth

Author Info

Listed author(s):
  • Aronsson, Thomas
  • Johansson, Per-Olov

    ()

    (Dept. of Economics, Stockholm School of Economics)

  • Löfgren, Karl-Gustaf
Registered author(s):

    Abstract

    In this paper we derive an exact relationship between the net investment at a given point in time and future consumption plans. Our result is general in the sense that it neither requires a constant rate of time preference nor an exponential discount function. One interpretation of the result is in terms of the willingness to pay for net investments, while another interpretation relates to conditions for sustainability.

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    File URL: http://swopec.hhs.se/hastef/papers/hastef0049.ps
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    File URL: http://swopec.hhs.se/hastef/papers/hastef0049.pdf
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    Paper provided by Stockholm School of Economics in its series SSE/EFI Working Paper Series in Economics and Finance with number 49.

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    Length: 11 pages
    Date of creation: Mar 1995
    Handle: RePEc:hhs:hastef:0049
    Contact details of provider: Postal:
    The Economic Research Institute, Stockholm School of Economics, P.O. Box 6501, 113 83 Stockholm, Sweden

    Phone: +46-(0)8-736 90 00
    Fax: +46-(0)8-31 01 57
    Web page: http://www.hhs.se/
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    More information through EDIRC

    Keywords: Ramesy model; welfare measurement; national product;

    Find related papers by JEL classification:

    • D90 - Microeconomics - - Intertemporal Choice - - - General

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    1. Asheim, Geir B, 1994. " Net National Product as an Indicator of Sustainability," Scandinavian Journal of Economics, Wiley Blackwell, vol. 96(2), pages 257-265.
    2. Martin L. Weitzman, 1976. "On the Welfare Significance of National Product in a Dynamic Economy," The Quarterly Journal of Economics, Oxford University Press, vol. 90(1), pages 156-162.
    3. Hartwick, John M., 1990. "Natural resources, national accounting and economic depreciation," Journal of Public Economics, Elsevier, vol. 43(3), pages 291-304, December.
    4. 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.
    5. Karl-Göran Mäler, 1991. "National accounts and environmental resources," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 1(1), pages 1-15, March.
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    Cited by:

    1. Mitra, Tapan, 2002. "Intertemporal Equity and Efficient Allocation of Resources," Journal of Economic Theory, Elsevier, vol. 107(2), pages 356-376, December.

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