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Title:Characterizing the sustainability problem in an exhaustible resource model PDF Logo
Authors:Mitra, Tapan
Asheim, Geir B.
Buchholz, Wolfgang
Withagen, Cees A.
Issue Date:2012
Series/Report no.:CESifo working paper: Resource and Environment Economics 3758
Abstract:The Dasgupta-Heal-Solow-Stiglitz model of capital accumulation and resource depletion poses the following sustainability problem: is it feasible to sustain indefinitely a level of consumption that is bounded away from zero? We provide a complete technological characterization of the sustainability problem in this model without reference to the time path. As a byproduct we show general existence of a maximin optimal path under weaker conditions that those employed in previous work. Our proofs yield new insights into the meaning and significance of Hartwick's reinvestment rule.
Subjects:sustainability
maximin
JEL:O10
Q32
Document Type:Working Paper
Appears in Collections:CESifo Working Papers, CESifo Group Munich

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