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Common and private property to exhaustible resources: theoretical implications for economic growth

Kirill Borissov () and Alexander Surkov ()

MPRA Paper from University Library of Munich, Germany

Abstract: We develop two models of economic growth with exhaustible natural resources and consumers heterogeneous in time preferences. The first model assumes private ownership of natural resources. In the second model, natural resources are commonly owned and the resource extraction rate is chosen by voting. We show that if discount factors are given exogenously, the long-run rate of growth under private property is higher than or equal to that under common property. If the discount factors are formed endogenously, under some circumstances common property can result in a higher rate of growth than private property.

Keywords: natural resources; economic growth; voting; private property; common property (search for similar items in EconPapers)
JEL-codes: D72 D91 O13 O4 Q32 (search for similar items in EconPapers)
Date: 2010
New Economics Papers: this item is included in nep-cdm and nep-env
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Working Paper: Common and Private Property to Exhaustible Resources: Theoretical Implications for Economic Growth (2010) Downloads
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