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dc.contributor.authorKoskela, Erkkien
dc.contributor.authorOllikainen, Markkuen
dc.contributor.authorPuhakka, Mikkoen
dc.date.accessioned2012-09-21T10:57:28Z-
dc.date.available2012-09-21T10:57:28Z-
dc.date.issued2002-
dc.identifier.urihttp://hdl.handle.net/10419/63685-
dc.description.abstractWe incorporate a renewable resource into an overlapping generations model with standard, well-behaved utility and constant returns production functions. Besides being a factor of production the resource serves as a store of value. We characterize dynamics, efficiency and stability of steady state equilibria, and show how their nature in the presence of ‘well-behaved’ resource stock growth depends on the size of the intertemporal elasticity of substitution in consumption. If that elasticity is at least half, but not exactly one, steady states are saddle points. For the values of elasticity less that one half we use a parametric example to demonstrate the existence of stable equilibria (indeterminacy) and a subcritical flip bifurcation. These findings lie in conformity with empirics, which suggest that exploited fish populations exhibit not only the conventionally analyzed steady yields, but also cycles and irregularities.en
dc.language.isoengen
dc.publisher|aThe Research Institute of the Finnish Economy (ETLA) |cHelsinkien
dc.relation.ispartofseries|aETLA Discussion Papers |x789en
dc.subject.jelD90en
dc.subject.jelQ20en
dc.subject.jelC62en
dc.subject.ddc330en
dc.subject.keywordoverlapping generationsen
dc.subject.keywordrenewable resourcesen
dc.subject.keywordbifurcationsen
dc.subject.stwOverlapping Generationsen
dc.subject.stwAllgemeines Gleichgewichten
dc.subject.stwErneuerbare Ressourcenen
dc.subject.stwRessourcenökonomiken
dc.subject.stwGleichgewichtsstabilitäten
dc.subject.stwChaostheorieen
dc.subject.stwKonjunkturtheorieen
dc.subject.stwTheorieen
dc.titleSaddles, indeterminacy and bifurcations in an overlapping generations economy with a renewable resource-
dc.typeWorking Paperen
dc.identifier.ppn344861147en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:rif:dpaper:789en

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