This paper analyzes overlapping-generations models where natural capital is owned by selfish agents. Transfers in favor of young agents reduce the rate of depletion and increase output growth. It is shown that intergenerational transfers may be preferred to laissez-faire by an indefinite...

Economic theories of managing renewable resources, such as fisheries and forestry, traditionally assume that individual harvesters are perfectly rational and thus able to compute the harvesting strategy that maximizes their discounted profits. The current paper presents an alternative approach...

This paper considers a model with three overlapping generations of which only the middle one is able to work. There is a trade-off between food and bio-fuel pro- duction. We try to study this trade-off, its influence on economic growth and on resource consumption. The paper should state that...

The challenges facing the 21st century, presented by a growing global population, range from food security to sustainable energy supplies to the diminishing availability of fossil raw materials. An attempt to solve these problems is made by using the concept of bioeconomy. Plants, in particular,...

The purpose of this paper is to survey the contributions to economic growth theory. We focus on the basic models and literature that link resource economic and economic growth, in order to reveal the main differences on how the different aspects are incorporated into growth models. As economic...

This paper examines a dynamic game of exploitation of a common pool of some renewable asset by agents that sell the result of their exploitation on an oligopolistic market. A Markov Perfect Nash Equilibrium of the game is used to analyze the effects of a merger of a subset of the agents. We...

We analyze how the threat of a potential future regime shift affects optimal management. We use a simple general growth model to analyze four cases that involve combinations of stock collapse versus changes in system dynamics, and exogenous versus endogenous probabilities of regime shift. Prior...

Carbon capture and storage (CCS) seems an appealing option to meet the ambitious objectives of the Paris Agreement. Captured CO2 emissions can also be injected in active fields to enhance recovery: Carbon capture and utilization (CCU). We study a dynamic model of CCS and CCU of an economy...

Sustainability and efficiency are potentially conflicting social objectives in natural resource management. We propose a market mechanism to allocate use rights over a stochastic resource to private managers. The mechanism endogenously determines the maximal tenure length guaranteeing that the...