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On Competitive Equitable Paths under Exhaustible Resource Constraints: The Case of a Growing Population

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Author Info
Mitra, Tapan (Cornell U)
Abstract

The paper examines the nature of competitive paths in an exhaustible resource model, which allows for growing population. For competitive paths which are equitable in the sense that the per capita consumption level is constant over time, the implicit investment rule is derived. This is seen to be a generalization of Hartwick's rule, obtained in the case of a stationary population. It is also shown that the existence of a competitive equitable path implies that population can experience at most quasi-arithmetic growth.

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File URL: http://www.arts.cornell.edu/econ/CAE/07-05.pdf
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Paper provided by Cornell University, Center for Analytic Economics in its series Working Papers with number 07-05.

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Date of creation: Apr 2007
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Handle: RePEc:ecl:corcae:07-05

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Find related papers by JEL classification:
D90 - Microeconomics - - Intertemporal Choice and Growth - - - General
O11 - Economic Development, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
O41 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models
Q32 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - Exhaustible Resources and Economic Development

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  1. Hartwick, John M, 1977. "Intergenerational Equity and the Investing of Rents from Exhaustible Resources," American Economic Review, American Economic Association, vol. 67(5), pages 972-74, December. [Downloadable!] (restricted)
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  2. Dasgupta, Swapan & Mitra, Tapan, 1983. "Intergenerational Equity and Efficient Allocation of Exhaustible Resources," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 24(1), pages 133-53, February. [Downloadable!] (restricted)
  3. Geir Asheim & Wolfgang Buchholz & Cees Withagen, 2003. "The Hartwick Rule: Myths and Facts," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 25(2), pages 129-150, June. [Downloadable!] (restricted)
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  4. Takekuma, Shin-Ichi, 1982. "A Support Price Theorem for the Continuous Time Model of Capital Accumulation," Econometrica, Econometric Society, vol. 50(2), pages 427-42, March. [Downloadable!] (restricted)
  5. Asheim, Geir B. & Buchholz, Wolfgang & Hartwick, John M. & Mitra, Tapan & Withagen, Cees, 2005. "Constant savings rates and quasi-arithmetic population growth under exhaustible resource constraints," Memorandum 23/2005, Oslo University, Department of Economics. [Downloadable!]
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  6. Withagen, Cees & B. Asheim, Geir, 1998. "Characterizing sustainability: The converse of Hartwick's rule," Journal of Economic Dynamics and Control, Elsevier, vol. 23(1), pages 159-165, September. [Downloadable!] (restricted)
  7. Dixit, Avinash & Hammond, Peter & Hoel, Michael, 1980. "On Hartwick's Rule for Regular Maximin Paths of Capital Accumulation and Resource Depletion," Review of Economic Studies, Blackwell Publishing, vol. 47(3), pages 551-56, April. [Downloadable!] (restricted)
  8. Solow, Robert M, 1986. " On the Intergenerational Allocation of Natural Resources," Scandinavian Journal of Economics, Blackwell Publishing, vol. 88(1), pages 141-49.
  9. Mitra, Tapan, 2002. "Intertemporal Equity and Efficient Allocation of Resources," Journal of Economic Theory, Elsevier, vol. 107(2), pages 356-376, December. [Downloadable!] (restricted)
  10. Cass, David & Mitra, Tapan, 1991. "Indefinitely Sustained Consumption Despite Exhaustible Natural Resources," Economic Theory, Springer, vol. 1(2), pages 119-46, April.
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  11. Mitra, Tapan, 1983. "Limits on Population Growth under Exhaustible Resource Constraints," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 24(1), pages 155-68, February. [Downloadable!] (restricted)
  12. R. M. Solow, 1973. "Intergenerational Equity and Exhaustable Resources," Working papers 103, Massachusetts Institute of Technology (MIT), Department of Economics.
  13. Mitra, Tapan, 1978. "Efficient growth with exhaustible resources in a neoclassical model," Journal of Economic Theory, Elsevier, vol. 17(1), pages 114-129, February. [Downloadable!] (restricted)
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