Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/203640
Authors: 
Antony, Jürgen
Klarl, Torben
Year of Publication: 
2019
Series/Report no.: 
Beiträge zur Jahrestagung des Vereins für Socialpolitik 2019: 30 Jahre Mauerfall - Demokratie und Marktwirtschaft - Session: Public Economics II No. B16-V2
Abstract: 
This contribution is concerned with efficient use of a resources if households are characterized by Stone-Geary preferences with a minimum subsistence level of consumption. We provide a closed form solution for the case of Cobb-Douglas production with constant returns to scale in reproducible capital and effective resource input. The model allows for exogenous technical change and depreciation of reproducible capital. The closed form solution exists in terms of the Gaussian hypergeometric function. For some constellations of the model parameters, the economy asymptotically approaches the generalized Hartwick's investment rule. We calibrate our model to analyze the existence of a solution and the dynamics for resource-rich low-income countries.
JEL: 
Q30
E21
O44
Document Type: 
Conference Paper

Files in This Item:
File
Size





Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.