Ekeland, Ivar; Karp, Larry; Sumaila, Rashid - In: Journal of Environmental Economics and Management 70 (2015) C, pp. 1-16
We imbed a classic fishery model, where the optimal policy follows a Most Rapid Approach Path to a steady state, into an overlapping generations setting. The current generation discounts future generations׳ utility flows at a rate possibly different from the pure rate of time preference used to...