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Exhaustible Resources In An Overlapping Generations Economy

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  • David R. F. Love

Abstract

This paper explores the natural resource consumption behavior of a competitively determined economy relative to a socially planned benchmark when agents are characterized as having finite lifespans which overlap. A general equilibrium model of a production economy which uses inputs from a finite stock of an aggregate natural resource is formulated and solved for the rates of resource extraction associated with the competitive outcome and the socially planned one. It is shown that resource extraction in the competitive economy can exceed that of the socially planned optimum and that intergenerational inequities result.

Suggested Citation

  • David R. F. Love, 1991. "Exhaustible Resources In An Overlapping Generations Economy," Working Paper 844, Economics Department, Queen's University.
    • Handle: RePEc:qed:wpaper:844
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    File URL: https://www.econ.queensu.ca/sites/econ.queensu.ca/files/qed_wp_844.pdf
    File Function: First version 1991
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    Cited by:

    1. Knapp, Keith C., 1996. "Exhaustible Resource Allocation, Intergenerational Equity, And Sustainability," Agricultural and Resource Economics Review, Northeastern Agricultural and Resource Economics Association, vol. 25(1), pages 1-8, April.

    More about this item

    Keywords

    stability and convergence.; overlapping generation; essential non-renewable resources; social planning problem; competitive agents; extraction rates; dynamic programming;
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