Characterizing the sustainability problem in an exhaustible resource model

Tapan Mitra, Geir Asheim, Wolfgang Buchholz () and Cees Withagen

No 83, OxCarre Working Papers from Oxford Centre for the Analysis of Resource Rich Economies, University of Oxford

Abstract: The Dasgupta-Heal-Solow-Stiglitz model of capital accumulation and resource depletion poses the following sustainability problem: is it feasible to sustain inde nitely a level of consumption that is bounded away from zero? We provide a complete technological characterization of the sustainability problem in this model without reference to the time path. As a byproduct we show general existence of a maximin optimal path under weaker conditions that those employed in previous work. Our proofs yield new insights into the meaning and signi cance of Hartwick's reinvestment rule.

Keywords: Sustainability; Maximin (search for similar items in EconPapers)
JEL-codes: O10 Q32 (search for similar items in EconPapers)
Date: 2012-03-06
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Citations: View citations in EconPapers (1)

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Related works:
Journal Article: Characterizing the sustainability problem in an exhaustible resource model (2013)
Working Paper: Characterizing the Sustainability Problem in an Exhaustible Resource Model (2012)
Working Paper: Characterizing the Sustainability Problem in an Exhaustible Resource Model (2012)
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Persistent link: https://EconPapers.repec.org/RePEc:oxf:oxcrwp:083

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