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Constant savings rates and quasi-arithmetic population growth under exhaustible resource constraints

  • Asheim, Geir B.

    ()

    (Dept. of Economics, University of Oslo)

  • Buchholz, Wolfgang

    ()

    (Department of Economics, University of Regensburg)

  • Hartwick, John M.

    ()

    (Queen’s University, Kingston, Ontario)

  • Mitra, Tapan

    ()

    (Cornell University, Ithaca, New York)

  • Withagen, Cees

    ()

    (Free University, De Boelelaan, Nederland)

In the Dasgupta-Heal-Solow-Stiglitz model of capital accumulation and resource depletion we show the following equivalence: If an efficient path has constant (gross and net of population growth) savings rates, then population growth must be quasi-arithmetic and the path is a maximin or a classical utilitarian optimum. Conversely, if a path is optimal according to maximin or classical utilitarianism (with constant elasticity of marginal utility) under quasiarithmetic population growth, then the (gross and net of population growth) savings rates converge asymptotically to constants.

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File URL: http://www.sv.uio.no/econ/english/research/unpublished-works/working-papers/pdf-files/2005/Memo-23-2005.pdf
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Paper provided by Oslo University, Department of Economics in its series Memorandum with number 23/2005.

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Length: 30 pages
Date of creation: 10 Sep 2005
Date of revision:
Handle: RePEc:hhs:osloec:2005_023
Contact details of provider: Postal:
Department of Economics, University of Oslo, P.O Box 1095 Blindern, N-0317 Oslo, Norway

Phone: 22 85 51 27
Fax: 22 85 50 35
Web page: http://www.oekonomi.uio.no/indexe.html
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  1. Asheim, G.B. & Buchholz, W. & Withagen, C.A.A.M., 2002. "The Hartwick Rule : Myths and Facts," Discussion Paper 2002-52, Tilburg University, Center for Economic Research.
  2. R. M. Solow, 1974. "Intergenerational Equity and Exhaustible Resources," Review of Economic Studies, Oxford University Press, vol. 41(5), pages 29-45.
  3. R. M. Solow, 1973. "Intergenerational Equity and Exhaustable Resources," Working papers 103, Massachusetts Institute of Technology (MIT), Department of Economics.
  4. Withagen, Cees & Asheim, Geir B. & Buchholz, Wolfgang, 2003. "On the sustainable program in Solow's model," Memorandum 33/2002, Oslo University, Department of Economics.
  5. Withagen, Cees & B. Asheim, Geir, 1998. "Characterizing sustainability: The converse of Hartwick's rule," Journal of Economic Dynamics and Control, Elsevier, vol. 23(1), pages 159-165, September.
  6. Mitra, Tapan, 2000. "Intertemporal Equity and Efficient Allocation of Resources," Working Papers 00-12, Cornell University, Center for Analytic Economics.
  7. Dixit, A. K., 1976. "The Theory of Equilibrium Growth," OUP Catalogue, Oxford University Press, number 9780198770817, July.
  8. Asheim, Geir & Buchholz, Wolfgang, 2003. "A General Approach to Welfare Measurement through National Income Accounting," Memorandum 32/2002, Oslo University, Department of Economics.
  9. John C. V. Pezzey, 2002. "Exact Measures of Income in a Hyperbolic Economy," Economics and Environment Network Working Papers 0203, Australian National University, Economics and Environment Network.
  10. Hamilton, Kirk, 1994. "Green adjustments to GDP," Resources Policy, Elsevier, vol. 20(3), pages 155-168, September.
  11. Kirk Hamilton & Cees Withagen, 2007. "Savings growth and the path of utility," Canadian Journal of Economics, Canadian Economics Association, vol. 40(2), pages 703-713, May.
  12. Wolfgang Buchholz & Swapan Dasgupta & Tapan Mitra, 2005. "Intertemporal Equity and Hartwick's Rule in an Exhaustible Resource Model," Scandinavian Journal of Economics, Wiley Blackwell, vol. 107(3), pages 547-561, 09.
  13. Hartwick, John M, 1977. "Intergenerational Equity and the Investing of Rents from Exhaustible Resources," American Economic Review, American Economic Association, vol. 67(5), pages 972-74, December.
  14. Avinash Dixit & Peter Hammond & Michael Hoel, 1980. "On Hartwick's Rule for Regular Maximin Paths of Capital Accumulation and Resource Depletion," Review of Economic Studies, Oxford University Press, vol. 47(3), pages 551-556.
  15. Kirk Hamilton & John Hartwick, 2005. "Investing exhaustible resource rents and the path of consumption," Canadian Journal of Economics, Canadian Economics Association, vol. 38(2), pages 615-621, May.
  16. Heal, G., 1990. "The Optimal Use Of Exhaustible Resources," Papers fb-_90-10, Columbia - Graduate School of Business.
  17. Mitra, Tapan, 1983. "Limits on Population Growth under Exhaustible Resource Constraints," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 24(1), pages 155-68, February.
  18. Kirk Hamilton, 1995. "Sustainable development, the Hartwick rule and optimal growth," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 5(4), pages 393-411, June.
  19. Asheim, Geir, 2003. "Green national accounting with a changing population," Memorandum 06/2003, Oslo University, Department of Economics.
  20. T. W. Swan, 1956. "ECONOMIC GROWTH and CAPITAL ACCUMULATION," The Economic Record, The Economic Society of Australia, vol. 32(2), pages 334-361, November.
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