In a standard exhaustible resource model, it is known that if, along a competitive path, investment in the augmentable capial good equals the rents on the exhaustible resource (known as Hartwick's rule), then the path is equitable in the sense that the consumption level is constant over time. In...

The paper examines the nature of competitive paths in an exhaustible resource model, which allows for growing population. For competitive paths which are equitable in the sense that the per capita consumption level is constant over time, the implicit investment rule is derived. This is seen to...

Under a minimal set of assumptions, the paper identifies conditions on the transition function of a Markov process leading to the following three scenarios: extinction, conservation, and the existence of a safe standard of conservation. These conditions are used to obtain restrictions on a...