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Intertemporal Resource Economics

E-BookPDF1 - PDF WatermarkE-Book
173 Seiten
Englisch
Springer Berlin Heidelbergerschienen am23.07.20102010
Providing an introduction to the overlapping generations approach, Intertemporal Resource Economics examines the economics of renewable natural resources. Readers will find explicit solutions for intertemporal general equilibrium with renewable resources.

Professor Dr. Karl Farmer, Department Chair Karl-Franzens-University, Graz, AustriaDr. Birgit Bednar-Friedl, Researcher, Wegener Center for Climate and Global Change, Karl-Franzens-University, Graz, Austriamehr
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Produkt

KlappentextProviding an introduction to the overlapping generations approach, Intertemporal Resource Economics examines the economics of renewable natural resources. Readers will find explicit solutions for intertemporal general equilibrium with renewable resources.

Professor Dr. Karl Farmer, Department Chair Karl-Franzens-University, Graz, AustriaDr. Birgit Bednar-Friedl, Researcher, Wegener Center for Climate and Global Change, Karl-Franzens-University, Graz, Austria
Details
Weitere ISBN/GTIN9783642132292
ProduktartE-Book
EinbandartE-Book
FormatPDF
Format Hinweis1 - PDF Watermark
FormatE107
Erscheinungsjahr2010
Erscheinungsdatum23.07.2010
Auflage2010
Seiten173 Seiten
SpracheEnglisch
IllustrationenX, 173 p.
Artikel-Nr.1717337
Rubriken
Genre9200

Inhalt/Kritik

Inhaltsverzeichnis
1;Preface;6
2;Contents;8
3;Part I: Basics;12
3.1;Chapter 1: Introduction;13
3.1.1;1.1 Motivation;13
3.1.2;1.2 Natural Resources and the Economic Production Process;14
3.1.3;1.3 Natural Resources in the History of Economic Thought;16
3.1.3.1;1.3.1 Classical Economics;16
3.1.3.2;1.3.2 Neoclassical Economics;19
3.1.3.3;1.3.3 Resource Economics and Politics since the 1970s;20
3.1.4;1.4 Resource Scarcity, Market Equilibrium, IntergenerationalEfficiency and Equity;21
3.1.4.1;1.4.1 Intergenerational Scarcity of Renewable Resources;21
3.1.4.2;1.4.2 Intergenerational Efficiency and Intertemporal MarketEquilibrium;22
3.1.4.3;1.4.3 Intergenerational Equity (Sustainability) versusIntergenerational Efficiency;23
3.1.5;1.5 General Equilibrium Models;24
3.1.5.1;1.5.1 Intertemporal General Equilibrium Models;25
3.1.5.2;1.5.2 Overlapping Generations versus Infinitely Lived Agents;25
3.1.5.3;1.5.3 The Intergenerational Conflict and the Lack of PropertyRights;26
3.1.6;1.6 Outline of the Book;26
3.1.7;References;27
3.2;Chapter 2: Economic Growth and Natural Resources;29
3.2.1;2.1 Introduction;29
3.2.2;2.2 Economic Growth and the Use of Natural Resources:Differing Views;29
3.2.3;2.3 Political Economics of GDP Growth: A Digression;34
3.2.4;2.4 Economic Growth and Non-Renewable Resources: AnOverview;35
3.2.5;2.5 Conclusions;39
3.2.6;References;39
4;Part II: Efficiency and Market Equilibrium underResource Abundance;40
4.1;Chapter 3: Intergenerational Efficiency in Log-linearCobb-Douglas OLG Models;41
4.1.1;3.1 Introduction;41
4.1.2;3.2 The Log-Linear Cobb-Douglas OLG Economy;41
4.1.3;3.3 Intergenerational Efficiency;43
4.1.4;3.4 First Order Conditions for Short-Run IntergenerationalEfficiency;45
4.1.5;3.5 Graphical Illustration of FOCs for Short-RunIntergenerationally Efficient Allocation;48
4.1.6;3.6 Conclusions;51
4.1.7;References;51
4.2;Chapter 4: Intertemporal Market Equilibrium andShort-Run Intergenerational Efficiency;52
4.2.1;4.1 Introduction;52
4.2.2;4.2 The Institutional Framework;53
4.2.3;4.3 Individual Optimization Problems;54
4.2.4;4.4 Market Clearing Conditions;56
4.2.5;4.5 Intertemporal Equilibrium Dynamics;57
4.2.6;4.6 Short-Run Intergenerational Efficiency of the IntertemporalMarket Equilibrium;58
4.2.7;4.7 Conclusions;61
4.2.8;References;62
4.3;Chapter 5: Steady-State Market Equilibrium, Long-RunIntergenerational Efficiency, and Optimality;63
4.3.1;5.1 Introduction;63
4.3.2;5.2 Steady-State Market Equilibrium;63
4.3.3;5.3 Long-Run Intergenerational Efficiency;66
4.3.4;5.4 Long-Run Intergenerational (In-)Efficiency of Steady-StateMarket Equilibrium;69
4.3.5;5.5 Intergenerational Efficiency versus IntergenerationalOptimality;73
4.3.6;5.6 Steady-State Economic Growth and Resource SavingTechnological Progress;75
4.3.7;5.7 Conclusions;77
4.3.8;References;78
5;Part III: Efficiency and Market Equilibrium withScarce Renewable Resources;79
5.1;Chapter 6: Renewable Resources and IntergenerationalEfficiency;80
5.1.1;6.1 Introduction;80
5.1.2;6.2 The Regeneration Function;81
5.1.2.1;6.2.1 The Natural Equilibrium;83
5.1.2.2;6.2.2 The Sustainable Yield;84
5.1.2.3;6.2.3 The Own Rate of Return;85
5.1.3;6.3 The Harvest Cost Function;86
5.1.4;6.4 Short-Run Intergenerationally Efficient Resource Harvesting;87
5.1.5;6.5 FOCs for Short-Run Intergenerational Efficiency;88
5.1.6;6.6 Long-Run Intergenerational Efficiency;91
5.1.7;6.7 Conclusions;94
5.1.8;References;94
5.2;Chapter 7: Intertemporal Market Equilibrium andIntergenerational Efficiency with RenewableResources;96
5.2.1;7.1 Introduction;96
5.2.2;7.2 Intertemporal Market Equilibrium with a Privately OwnedResource;97
5.2.2.1;7.2.1 Individual Optimization Problems;98
5.2.2.2;7.2.2 First Order Conditions for Individual Maxima;99
5.2.2.3;7.2.3 Market Clearing Conditions;100
5.2.3;7.3 Perfectly Competitive Markets with an Open-AccessRenewable Resource;101
5.2.4;7.4 Market Equilibrium and Intergenerational Efficiency underOpposing Property Rights Regimes;102
5.2.4.1;7.4.1 Privately Owned Resource Stocks and Short-RunIntergenerational Efficiency of Market Allocation;102
5.2.4.2;7.4.2 Open Access and the Inefficiency of Market Allocation;104
5.2.5;7.5 Conclusions;105
5.2.6;References;106
6;Part IV: Intergenerational Equity and MarketEquilibrium with Scarce RenewableResources;107
6.1;Chapter 8: Sustainable Economic Growth with LinearResource Regeneration;108
6.1.1;8.1 Introduction;108
6.1.2;8.2 Individual Optimization and Market Clearing under LinearRegeneration;109
6.1.3;8.3 Derivation of Intertemporal Equilibrium Dynamics;111
6.1.4;8.4 Intertemporal-Equilibrium and Steady-State Growth Rates;113
6.1.5;8.5 A Sustainable Economic Growth Path;115
6.1.6;8.6 Feasibility of Sustainable Growth and Sustainability Policyin Market Systems;116
6.1.7;8.7 Conclusions;117
6.1.8;References;118
6.2;Chapter 9: Steady-State Sustainability under LogisticallyRegenerating Resources;119
6.2.1;9.1 Introduction;119
6.2.2;9.2 The Log-Linear CD OLG Model with Logistic Regeneration;120
6.2.3;9.3 Intertemporal Equilibrium Dynamics;124
6.2.4;9.4 The Existence of (Non-Trivial) Steady States;125
6.2.5;9.5 Stability of the Steady States;129
6.2.6;9.6 The Saddle Paths Converging to the Non-Trivial Steady State;131
6.2.7;9.7 Conclusions;133
6.2.8;References;133
7;Part V: Shocks to Harvest Technology and NaturalRegeneration;135
7.1;Chapter 10: Resource Use with Physical Harvest Costs;136
7.1.1;10.1 Introduction;136
7.1.2;10.2 An OLG model with Harvest Costs;137
7.1.2.1;10.2.1 Dynamics of the Resource Stock;138
7.1.2.2;10.2.2 Household and Firm Optimization;139
7.1.2.3;10.2.3 Intertemporal Equilibrium Dynamics;141
7.1.3;10.3 Derivation of Intertemporal Equilibrium Loci;142
7.1.4;10.4 Existence of Non-Trivial Steady State;143
7.1.5;10.5 Long-Run Intergenerational Efficiency of Non-TrivialSteady State;145
7.1.6;10.6 Stability of Non-Trivial Steady State;147
7.1.7;10.7 Uniqueness of Non-Trivial Steady State;151
7.1.8;10.8 Conclusions;153
7.1.9;Appendix A: Individual Optimization and Market ClearingConditions with Endogenous Labor Supply;153
7.1.10;Appendix B: Proof to Lemma 10.1;154
7.1.11;References;156
7.2;Chapter 11: Effects of Harvest Cost and Biological Shocks;157
7.2.1;11.1 Introduction;157
7.2.2;11.2 Steady-State Effects of Cost and Biological Shocks;158
7.2.2.1;11.2.1 A Shock in Harvest Technologies: The Harvest CostParameter . Rises;158
7.2.2.2;11.2.2 Biological Shock: Lower Natural Growth Rate;161
7.2.3;11.3 Transitional Dynamics towards the New Steady State;162
7.2.3.1;11.3.1 The Harvest Cost Push and the Overshooting of the InitialHarvest Quantity;163
7.2.3.2;11.3.2 A Shock to the Resource Growth Rate;164
7.2.4;11.4 A Comparison of a Harvest Cost Push and a BiologicalShock;165
7.2.5;11.5 Conclusions;166
7.2.6;Appendix: GAMS Code to Analyze the Model;167
7.2.7;References;170
8;Index;171mehr

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