Intertemporal Resource Economics: An Introduction to the Overlapping Generations Approach

Karl Farmer; Birgit Bednar-Friedl

ISBN 10: 3642132286 / ISBN 13: 9783642132285

Published by Springer, 2010

About this Item

Hardcover, x + 173 pages, NOT ex-library. Book looks unread, clean and bright throughout with unmarked text, free of inscriptions and stamps, firmly bound. Issued without a dust jacket. -- Contents [Introduction & Conclusions & References in each chapter]: Part I Basics 1 Introduction [Motivation; Natural Resources and the Economic Production Process; Natural Resources in the History of Economic Thought; Resource Scarcity, Market Equilibrium, Intergenerational Efficiency and Equity; General Equilibrium Models; Outline of the Book] 2 Economic Growth and Natural Resources [Economic Growth and the Use of Natural Resources: Differing Views; Political Economics of GDP Growth: A Digression; Economic Growth and Non-Renewable Resources: An Overview]; Part II Efficiency and Market Equilibrium under Resource Abundance 3 Intergenerational Efficiency in Log-linear Cobb-Douglas OLG Models [Log-Linear Cobb-Douglas OLG Economy; Intergenerational Efficiency; First Order Conditions for Short-Run Intergenerational Efficiency; Graphical Illustration of FOCs for Short-Run Intergenerationally Efficient Allocation] 4 Intertemporal Market Equilibrium and Short-Run Intergenerational Efficiency [Institutional Framework; Individual Optimization Problems; Market Clearing Conditions; Intertemporal Equilibrium Dynamics; Short-Run Intergenerational Efficiency of the Intertemporal Market Equilibrium] 5 Steady-State Market Equilibrium, Long-Run Intergenerational Efficiency, and Optimality [Steady-State Market Equilibrium; Long-Run Intergenerational Efficiency; Long-Run Intergenerational (In-)Efficiency of Steady-State Market Equilibrium; Intergenerational Efficiency versus Intergenerational Optimality; Steady-State Economic Growth and Resource Saving Technological Progress] Part III Efficiency and Market Equilibrium with Scarce Renewable Resources 6 Renewable Resources and Intergenerational Efficiency [Regeneration Function; Harvest Cost Function; Short-Run Intergenerationally Efficient Resource Harvesting; FOCs for Short-Run Intergenerational Efficiency; Long-Run Intergenerational Efficiency] 7 Intertemporal Market Equilibrium and Intergenerational Efficiency with Renewable Resources [Intertemporal Market Equilibrium with a Privately Owned Resource; Perfectly Competitive Markets with an Open-Access Renewable Resource; Market Equilibrium and Intergenerational Efficiency under Opposing Property Rights Regimes]; Part IV Intergenerational Equity and Market Equilibrium with Scarce Renewable Resources 8 Sustainable Economic Growth with Linear Resource Regeneration [Individual Optimization and Market Clearing under Linear Regeneration; Derivation of Intertemporal Equilibrium Dynamics; Intertemporal-Equilibrium and Steady-State Growth Rates; A Sustainable Economic Growth Path; Feasibility of Sustainable Growth and Sustainability Policy in Market Systems] 9 Steady-State Sustainability under Logistically Regenerating Resources [Log-Linear CD OLG Model with Logistic Regeneration; Intertemporal Equilibrium Dynamics; Existence of (Non-Trivial) Steady States; Stability of the Steady States; Saddle Paths Converging to the Non-Trivial Steady State]; Part V Shocks to Harvest Technology and Natural Regeneration 10 Resource Use with Physical Harvest Costs [An OLG model with Harvest Costs; Derivation of Intertemporal Equilibrium Loci; Existence of Non-Trivial Steady State; Long-Run Intergenerational Efficiency of Non-Trivial Steady State; Stability of Non-Trivial Steady State; Uniqueness of Non-Trivial Steady State; Appendix A: Individual Optimization and Market Clearing Conditions with Endogenous Labor Supply; Appendix B: Proof to Lemma 10.1] 11 Effects of Harvest Cost and Biological Shocks [Steady-State Effects of Cost and Biological Shocks; Transitional Dynamics towards the New Steady State; A Comparison of a Harvest Cost Push and a Biological Shock; Appendix: GAMS Code to Analyze the Model]; Index.

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Bibliographic Details

• Title: Intertemporal Resource Economics: An Introduction to the Overlapping Generations Approach
• Publisher: Springer
• Publication Date: 2010
• Language: English
• ISBN 10: 3642132286
• ISBN 13: 9783642132285
• Binding: Hardcover
• Edition: 1st Edition
• Condition: Near Fine

About this title

Synopsis

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.

About the Author

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