Intertemporal Resource Economics: An Introduction to the Overlapping Generations Approach

ISBN-13: 9783642436826 / Angielski / Miękka / 2014 / 173 str.

Karl Farmer; Birgit Bednar-Friedl

Opis

This book represents both a textbook and a monograph. Part I entitled Basics mainly contains textbook material and this is also partly true for Part II. Here the precise de nition and characterization of the not so well-known notion of interg- erational ef ciency within Diamond s two-period overlapping generations model gures prominently. In Part III, a renewable natural resource is introduced in the log-linear Cobb-Douglas overlapping generations model, and the ef ciency c- cepts developed in Part II are applied. The balance among material for a textbook und for a monograph is approximately even. In Part IV research monograph ch- acteristics gain progressively prominence. While this part dealing with intergene- tional equity in perfectly competitive market economies presents already published work, the last part focusing on harvest cost contains still unpublished work. Asthesubtitle ofthepresentbookannounces, ourintentionisto provideanint- duction to the not so widespread overlappinggenerationsapproach to intertemporal resource economics. It is introductory in that utility and production functions are functionally speci ed such that the interested reader can derive explicit solutions to intertemporal general equilibria. However, we do not primarily aim at enhancing the reader s skill of solving general equilibrium models we rather aim at prov- ing the tools for coping with analytically much more advanced dynamic general equilibriummodelswith renewable natural resources, published in leading journals. This book emerged out of lectures of the rst author within the master programs of the University of Life Sciences in Vienna and at Karl-Franzens-University of Graz."

Spis treści

Basics.- Economic Growth and Natural Resources.- Efficiency and Market Equilibrium under Resource Abundance.- Intergenerational Efficiency in Log-linear Cobb-Douglas OLG Models.- Intertemporal Market Equilibrium and Short-Run Intergenerational Efficiency.- Steady-State Market Equilibrium, Long-Run Intergenerational Efficiency, and Optimality.- Efficiency and Market Equilibrium with Scarce Renewable Resources.- Renewable Resources and Intergenerational Efficiency.- Intertemporal Market Equilibrium and Intergenerational Efficiency with Renewable Resources.- Intergenerational Equity and Market Equilibrium with Scarce Renewable Resources.- Sustainable Economic Growth with Linear Resource Regeneration.- Steady-State Sustainability under Logistically Regenerating Resources.- Shocks to Harvest Technology and Natural Regeneration.- Resource Use with Physical Harvest Costs.- Effects of Harvest Cost and Biological Shocks.

O autorze

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

Blurb

This monograph provides a concise introduction to the overlapping generations approach to the intertemporal economics of renewable natural resources. In contrast to the dominant infinitely-lived agent (ILA) approach it acknowledges that natural resources typically outlive the individuals who use them. Finite lifetimes, generations overlap and competing natural and man-made capital facilitate long-run intergenerational inefficiency and inequity (unsustainability) of market allocations. While avoiding any presumption of either doomsday or a golden age, the book investigates the structural and institutional preconditions needed to ensure that renewable resources are used efficiently and equitably across generations. The primary aim of this book is to provide an easy-to-follow guide to the analytically much more demanding journal literature. This is achieved by using the same model type throughout the book and by adhering to functional specifications that allow for explicit equilibrium solutions.