Intertemporal Resource Economics An Introduction to the Overlapping
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
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Karl Farmer • Birgit Bednar-Friedl
Intertemporal Resource Economics An Introduction to the Overlapping Generations Approach
Prof. Dr. Karl Farmer University of Graz Economics Universitaetsstrasse 15/F4 A-8010 Graz Austria [email protected]
Dr. Birgit Bednar-Friedl University of Graz Economics Universitaetsstrasse 15/F4 A-8010 Graz Austria [email protected]
ISBN 978-3-642-13228-5 e-ISBN 978-3-642-13229-2 DOI 10.1007/978-3-642-13229-2 Springer Heidelberg Dordrecht London New York Library of Congress Control Number: xxxxxxxxxx © Springer-Verlag Berlin Heidelberg 2010 This work is subject to copyright. All rights are reserved, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilm or in any other way, and storage in data banks. Duplication of this publication or parts thereof is permitted only under the provisions of the German Copyright Law of September 9, 1965, in its current version, and permission for use must always be obtained from Springer. Violations are liable to prosecution under the German Copyright Law. The use of general descriptive names, registered names, trademarks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. Cover design: WMX Design Printed on acid-free paper Springer is part of Springer Science+Business Media (www.springer.com)
Preface
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 definition and characterization of the not so well-known notion of intergenerational efficiency within Diamond’s two-period overlapping generations model figures prominently. In Part III, a renewable natural resource is introduced in the log-linear Cobb-Douglas overlapping generations model, and the efficiency concepts 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 characteristics gain progressively prominence. While this part dealing with intergenerational equity in perfectly competitive market economies presents already published work, the last part focusing on harvest cost contains still unpublished work. As the subtitle of the present book announces, our intention is to provide an introduction to the not so widespread overlapping generations approach to intertemporal resource economics. It is introductory in that utility and production functions are functionally specified 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 providing the tools for coping with analytically much more advanced dynamic general equilibrium models with ren
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