Sustained development of a society with a renewable resource

Robert Cairns and Huilan Tian

Journal of Economic Dynamics and Control, 2010, vol. 34, issue 6, 1048-1061

Abstract: A maximin program is applied to a policy of sustaining a simple society whose population is dependent on a resource subject to logistic growth. Regular and non-regular paths are characterized. There are continua of both regular and non-regular solutions, the type depending on the initial conditions. A non-regular path involves an intermediate part in which the sustainment constraint is not effective. All solutions are time consistent and Pareto optimal. Because a problem may not be regular, it is not valid to assume that sustainment implies constant utility.

Keywords: Sustainability; Intergenerational; equity; Maximin; Regular; path; Population (search for similar items in EconPapers)
Date: 2010
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Citations: View citations in EconPapers (17)

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