An extensive literature shows the importance of investment policy for sustainability of resource-based economies. The approaches of these studies are mostly based on theoretical results that examine the role of investments in a competitive optimizing economy. This paper extends some of these...

An extensive literature shows the importance of investment policy for sustainability of resource-based economies by examining the role of investment in current utility change (CUC) for a competitive optimizing economy. This paper extends some of these results by analysing the dependence of CUC...

The rates of oil depletion are increasing during the last ten years in Russia and the Russian Energy Program, approved by the government, implies further growth of oil production by 2020. We used the transition curves analysis in aggregate model to examine the long-run consumption along...

Stollery (1998) studied a polluting oil extracting economy governed by the constant utility criterion. The pollution caused the growth of temperature, negatively affecting production and utility. Stollery provided a closed form solution for the case with the Cobb-Douglas production function and...