Saddles, Indeterminacy and Bifurcations in an Overlapping Generations Economy with a Renewable Resource

Erkki Koskela, M. Ollikainen and M. Puhakka

University of Helsinki, Department of Economics from Department of Economics

Abstract: We incorporate a renewable resource into an overlapping generations model with standard, well-behaved utility and constant returns to scale production functions. Besides being a factor of production the resource serves as a store of value. We characterize dynamics, efficiency and stability of steady state equilibria and show that the nature of steady state equilibrium depends on the value of the intertemporal elasticity of substitution in consumption.

Keywords: GENERATIONS; ENVIRONMENT; MATHEMATICAL ANALYSIS (search for similar items in EconPapers)
JEL-codes: C62 D90 Q20 (search for similar items in EconPapers)
Pages: 35 pages
Date: 2000
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Citations: View citations in EconPapers (2)

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Related works:
Working Paper: Saddles, Indeterminacy and Bifurcations in an Overlapping Generations Economy with a Renewable Resource (2002)
Working Paper: Saddles, Indeterminacy and Bifurcations in an Overlapping Generations Economy with a Renewable Resource (2000)
Working Paper: Saddles, Indeterminacy and Bifurcations in an Overlapping Generations Economy with a Renewable Resource (2000)
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