Koskela, Erkki; Ollikainen, Markku; Puhakka, Mikko - 2000
The authors incorporate a renewable resource into an overlapping generations model with standard, well behaved utility … state equilibrium depends on the value of the intemporal elasticity of substitution in consumption. An overlapping … generations economy with renewable resource can display cycles and indeterminacy even in the absence of externalities or imperfect …