Ploeg, Frederick van der; Withagen, Cees - Tinbergen Instituut - 2010
in a Ramsey growth model with exhaustible oil reserves, an infinitelyelastic supply of renewables, stock-dependent oil … extraction costs and convex climate damages. Weconcentrate on economies with an initial capital stock below that of the steady …) below thatof renewables. There are then two regimes. If the oil stock is small, the social optimum path consists of …
