Competitive Equilibria and Sustainable Growth in a Life-Cycle Model with Natural Resources

An Overlapping Generations Model of Growth and the Environment

“…Kemp and Long (1980) and Mourmouras (1991) use it to analyse natural resource use, Maler (1993) for the pricing of natural resources, and Sandler (1982) for the optimal provision and maintenance of club goods, such as national parks, in a finite horizon economy.…”

Le développement durable en question : analyses économiques autour d’un improbable compromis entre acceptions optimiste et pessimiste du rapport de l’Homme à la Nature

“…Elle est notamment discutée quant à sa faculté à appréhender avec finesse les rapports qui lient les générations entre elles. À tel point que de nombreux auteurs, dont Howarth et Norgaard (1990, Howarth (1991Howarth ( , 1996Howarth ( , 1998, Mourmouras (1991Mourmouras ( , 1993, John et Pecchenino (1994), Gerlagh et Keyzer (2001) ou Koskela, Ollikainen et Puhakka (2002) par exemple, lui ont préféré une autre fiction : celle de généra-tions imbriquées d'agents mortels telle que mise au point par Allais (1947).…”

Existence and Efficiency of Stationary States in a Renewable Resource Based OLG Model with Different Harvest Costs

“…2 In contrast to partial equilibrium resource dynamic models, in dynamic general equilibrium models with interdependent factor and product markets as well as asset markets the existence of stationary (steady) states cannot be taken for granted, in particular in dynamic general equilibrium models of the overlapping generations (OLG) type. 3 In fact, in a renewable resource based OLG model without harvest costs a complex combination of the time discount factor of households, the resource production share of firms, and the natural regeneration rate is needed to ensure the existence of stationary market equilibrium (Mourmouras, 1991;Farmer, 2000;Koskela et al, 2002). Moreover, in OLG models without harvest costs only those stationary market equilibrium solutions are intergenerationally efficient where the own rate of return on natural capital is positive (Koskela et al, 2002).…”

“…3 The advantage of an OLG model as compared to Ramsey-type growth models with infinitely lived agents (ILA) or a benevolent social planner is that the OLG framework is better capable to capture the finite lifetime of households versus the infinite lifetime of natural resources and the consequences for resource harvest and conservation when the resource stock serves as store of value across adjacent generations (e.g. Howarth and Norgaard, 1990;Mourmouras, 1991;Olson and Knapp, 1997;Krautkraemer and Batina, 1999;Koskela et al, 2002;Valente, 2008;Bréchet and Lamprecht, 2011;Bednar-Friedl and Farmer, 2013). conditions obtained for the no-harvest cost case hold also under harvest costs. In this paper we therefore analyze whether the existence conditions, which are necessary for the no-harvest costs case, are required also for the case with harvest costs, how the magnitude of the harvest cost parameter might change this conditions, and whether there is a difference between constant and inversely stock dependent unit harvest costs.…”