Sustained development of a society with a renewable resource
A maximin program is applied to a policy of sustaining a simple society whose population is dependent on a resource subject to logistic growth. Regular and non-regular paths are characterized. There are continua of both regular and non-regular solutions, the type depending on the initial conditions. A non-regular path involves an intermediate part in which the sustainment constraint is not effective. All solutions are time consistent and Pareto optimal. Because a problem may not be regular, it is not valid to assume that sustainment implies constant utility.
Year of publication: |
2010
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Authors: | Cairns, Robert D. ; Tian, Huilan |
Published in: |
Journal of Economic Dynamics and Control. - Elsevier, ISSN 0165-1889. - Vol. 34.2010, 6, p. 1048-1061
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Publisher: |
Elsevier |
Keywords: | Sustainability Intergenerational equity Maximin Regular path Population |
Saved in:
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