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Exhaustible Resources In An Overlapping Generations Economy

David Love

No 844, Working Paper from Economics Department, Queen's University

Abstract: This paper explores the natural resource consumption behavior of a competitively determined economy relative to a socially planned benchmark when agents are characterized as having finite lifespans which overlap. A general equilibrium model of a production economy which uses inputs from a finite stock of an aggregate natural resource is formulated and solved for the rates of resource extraction associated with the competitive outcome and the socially planned one. It is shown that resource extraction in the competitive economy can exceed that of the socially planned optimum and that intergenerational inequities result.

Keywords: stability and convergence.; overlapping generation; essential non-renewable resources; social planning problem; competitive agents; extraction rates; dynamic programming (search for similar items in EconPapers)
Pages: 0 pages
Date: 1991-01
New Economics Papers: this item is included in nep-dge and nep-env
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Citations: View citations in EconPapers (1)

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https://www.econ.queensu.ca/sites/econ.queensu.ca/files/qed_wp_844.pdf First version 1991 (application/pdf)

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Persistent link: https://EconPapers.repec.org/RePEc:qed:wpaper:844

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