Working paper
Characterizing the sustainability problem in an exhaustible resource model
- Abstract:
- The Dasgupta-Heal-Solow-Stiglitz model of capital accumulation and resource depletion poses the following sustainability problem: is it feasible to sustain indenitely 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 signicance of Hartwick's reinvestment rule.
- Publication status:
- Published
Actions
Authors
- Publisher:
- University of Oxford
- Series:
- OxCarre Papers
- Publication date:
- 2012-03-06
- Paper number:
- 83
- Keywords:
- Pubs id:
-
1143832
- Local pid:
-
pubs:1143832
- Deposit date:
-
2020-12-15
Terms of use
- Copyright date:
- 2012
- Rights statement:
- Copyright 2012 The Author(s)
If you are the owner of this record, you can report an update to it here: Report update to this record