Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/189168 
Year of Publication: 
1991
Series/Report no.: 
Queen's Economics Department Working Paper No. 844
Publisher: 
Queen's University, Department of Economics, Kingston (Ontario)
Abstract: 
This paper explores the natural resource consumption behavior of a competitively determined economy relative to a socially planned benchmark when agents are characterized as having finite lifespans which overlap. A general equilibrium model of a production economy which uses inputs from a finite stock of an aggregate natural resource is formulated and solved for the rates of resource extraction associated with the competitive outcome and the socially planned one. It is shown that resource extraction in the competitive economy can exceed that of the socially planned optimum and that intergenerational inequities result.
Subjects: 
overlapping generation
essential non-renewable resources
social planning problem
competitive agents
extraction rates
dynamic programming
stability and convergence.
JEL: 
721
O23
911
Document Type: 
Working Paper

Files in This Item:
File
Size





Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.