کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
985589 934649 2011 25 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
The optimal depletion of exhaustible resources: A complete characterization
موضوعات مرتبط
مهندسی و علوم پایه مهندسی انرژی انرژی (عمومی)
پیش نمایش صفحه اول مقاله
The optimal depletion of exhaustible resources: A complete characterization
چکیده انگلیسی

We provide the closed form solution to the Dasgupta–Heal–Solow–Stiglitz (DHSS) model. The DHSS model is based on the seminal articles Dasgupta and Heal, 1974 and Solow, 1974 and Stiglitz (1974) and describes an economy with two assets, man-made capital and a nonrenewable resource stock. We explicitly characterize, for such an economy, the dynamics along the optimal trajectory of all the variables in the model and from all possible initial values of the stocks. We use the analytical solution to prove several properties of the optimal consumption path. In particular, we show that the initial consumption under a utilitarian criterion starts below the maximin rate of consumption if and only the resource is abundant enough and that under a utilitarian criterion, it is not necessarily the present generation that benefits most from a windfall of resources.

Research highlights
► We provide the closed form solution to the Dasgupta–Heal–Solow–Stiglitz (DHSS) model of an economy with two assets, man-made capital and a nonrenewable resource stock. We explicitly characterize, for such an economy, the dynamics along the optimal trajectory of all the variables in the model and from all possible initial values of the stocks.
► We show that the initial consumption under a utilitarian criterion starts below the maximin rate of consumption if and only the resource is abundant enough.
► Under a utilitarian criterion, it is not necessarily the present generation that benefits most from a windfall of resources.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Resource and Energy Economics - Volume 33, Issue 3, September 2011, Pages 612–636
نویسندگان
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