haku: @author Koskela, E. / yhteensä: 22
viite: 6 / 22
| Tekijä: | Koskela, E. Ollikainen, M. Puhakka, M. |
| Otsikko: | Renewable Resources in an Overlapping Generations Economy Without Capital |
| Lehti: | Journal of Environmental Economics and Management
2002 : MAY, VOL. 43:3, p. 497-517 |
| Asiasana: | CAPITAL ECONOMIC CONDITIONS MODELS MODEL TESTING |
| Kieli: | eng |
| Tiivistelmä: | The authors incorporate a renewable resource into an overlapping generations model without capital and with quasi-linear preferences. Besides being an input for production the resource serves as a store of value. The authors characterize the dynamics, efficiency, and stability of the steady-state equilibria. The stability properties are sensitive to the type of resource growth. For constant growth there is only one steady-state equilibrium which is stable and efficient. In the general case of the concave growth function, there are usually at least two steady-state equilibria, one of which is stable and the other one unstable. The unstable steady state is efficient, but the stable one may or may not be. The authors study the robustness of the authors' results by assuming a logarithmic utility function. |
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