Intertemporal Equity and Hartwick's Rule in an Exhaustible Resource Model*

Wolfgang Buchholz (), Swapan Dasgupta and Tapan Mitra

Scandinavian Journal of Economics, 2005, vol. 107, issue 3, 547-561

Abstract: In a standard exhaustible resource model, it is known that if, along a competitive path, investment in the augmentable capital good equals the rents on the exhaustible resource (known as Hartwick's rule), then the path is equitable in the sense that the consumption level is constant over time. In this paper, we show the converse of this result: if a competitive path is equitable, then it must satisfy Hartwick's rule.

Date: 2005
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Citations: View citations in EconPapers (28)

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https://doi.org/10.1111/j.1467-9442.2005.00422.x

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Working Paper: Intertemporal Equity and Hartwick's Rules in an Exhaustible Resource Model (2002)
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