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Optimal growth and land preservation

  • Santiago J. Rubio Jorge

    ()

    (Universitat de València)

  • Renan Ulrich Goetz

    (Dpt. Economia)

A model of optimal economic growth with a constant population subject to a constraint on the availability of land is presented. It takes account of the dual character of land as a production factor and as a consumption good (environmental amenities) by determining the optimal intertemporal allocation of land between productive and recreational uses. An extension of the analysis for the case of a growing population with endogenous growth based on human capital accumulation shows that if the rate of discount is not very low then there exists a set of balanced growth paths compatible with a constant allocation of land. En este trabajo se presenta un modelo de crecimiento económico óptimo con una población constante sujeto a una restricción sobre la disponibilidad de tierra. En el modelo se tiene en cuenta el carácter dual de la tierra como factor productivo y como bien de consumo para usos recreacionales y se determina cual es la asignación intertemporal óptima de la tierra entre estos dos usos. En la segunda parte del trabajo, se presenta una extensión del análisis para el caso de una población creciente con crecimiento endógeno basado en la acumulación de capital humano y se demuestra que si la tasa de descuento no es muy pequeña existe un conjunto de sendas de crecimiento equilibrado compatibles con una asignación constante de la tierra.

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File URL: http://www.ivie.es/downloads/docs/wpasec/wpasec-1997-02.pdf
File Function: Fisrt version / Primera version, 1997
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Paper provided by Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie) in its series Working Papers. Serie EC with number 1997-02.

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Length: 40 pages
Date of creation: Apr 1997
Date of revision:
Publication status: Published by Ivie
Handle: RePEc:ivi:wpasec:1997-02
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  1. repec:ivi:wpasec:1997-02 is not listed on IDEAS
  2. Barrett, Scott, 1992. "Economic growth and environmental preservation," Journal of Environmental Economics and Management, Elsevier, vol. 23(3), pages 289-300, November.
  3. Ángel Pardo & Francisco Climent, 2000. "Relaciones temporales entre el contrato de futuro sobre IBEX-35 y su activo subyacente," Investigaciones Economicas, Fundación SEPI, vol. 24(1), pages 219-236, January.
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  5. Solow, Robert M. & Vickrey, William S., 1971. "Land use in a long narrow city," Journal of Economic Theory, Elsevier, vol. 3(4), pages 430-447, December.
  6. Kenneth J. Arrow & Anthony C. Fisher, 1974. "Environmental Preservation, Uncertainty, and Irreversibility," The Quarterly Journal of Economics, Oxford University Press, vol. 88(2), pages 312-319.
  7. Riley, John G., 1973. ""Gammaville": An optimal town," Journal of Economic Theory, Elsevier, vol. 6(5), pages 471-482, October.
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  9. Olson, Lars J., 1990. "Environmental preservation with production," Journal of Environmental Economics and Management, Elsevier, vol. 18(1), pages 88-96, January.
  10. Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, vol. 22(1), pages 3-42, July.
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  14. Caputo, Michael R., 1990. "How to do comparative dynamics on the back of an envelope in optimal control theory," Journal of Economic Dynamics and Control, Elsevier, vol. 14(3-4), pages 655-683, October.
  15. Oniki, Hajime, 1973. "Comparative dynamics (sensitivity analysis) in optimal control theory," Journal of Economic Theory, Elsevier, vol. 6(3), pages 265-283, June.
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  17. Smulders, J.A. & Gradus, R.H.J.M., 1993. "The trade-off between environmental care and long-term growth : Pollution in three proto-type growth models," Other publications TiSEM f3ec6de7-f996-4ac0-b872-0, Tilburg University, School of Economics and Management.
  18. repec:ivi:wpasec:1995-14 is not listed on IDEAS
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  20. Joaquin Maudos, 1998. "Market structure and performance in Spanish banking using a direct measure of efficiency," Applied Financial Economics, Taylor & Francis Journals, vol. 8(2), pages 191-200.
  21. Rigoberto A. Lopez & Farhed A. Shah & Marilyn A. Altobello, 1994. "Amenity Benefits and the Optimal Allocation of Land," Land Economics, University of Wisconsin Press, vol. 70(1), pages 53-62.
  22. Lans Bovenberg, A. & Smulders, Sjak, 1995. "Environmental quality and pollution-augmenting technological change in a two-sector endogenous growth model," Journal of Public Economics, Elsevier, vol. 57(3), pages 369-391, July.
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  24. Hartl, Richard, 1983. "Optimal maintenance and production rates for a machine : A nonlinear economic control problem," Journal of Economic Dynamics and Control, Elsevier, vol. 6(1), pages 281-306, September.
  25. Rubio, Santiago J. & Goetz, Renan-U., 1998. "Optimal growth and land preservation," Resource and Energy Economics, Elsevier, vol. 20(4), pages 345-372, December.
  26. Santiago J. Rubio & Juan P. Castro, 1996. "Long-run groundwater reserves under uncertainty," Investigaciones Economicas, Fundación SEPI, vol. 20(1), pages 71-88, January.
  27. Caballe, Jordi & Santos, Manuel S, 1993. "On Endogenous Growth with Physical and Human Capital," Journal of Political Economy, University of Chicago Press, vol. 101(6), pages 1042-67, December.
  28. Henry, Claude, 1974. "Investment Decisions Under Uncertainty: The "Irreversibility Effect."," American Economic Review, American Economic Association, vol. 64(6), pages 1006-12, December.
  29. Anthony C. Fisher & John V. Krutilla, 1975. "Resource Conservation, Environmental Preservation, and the Rate of Discount," The Quarterly Journal of Economics, Oxford University Press, vol. 89(3), pages 358-370.
  30. Harry R Clarke & William J Reed, 1989. "Land Development and Wilderness Conservation Policies Under Uncertainty: A Synthesis," Working Papers 1989.02, School of Economics, La Trobe University.
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