We explore the link between cyclical and smooth resource exploitation. We define an impulse control framework which can generate both cyclical solutions and steady state solutions. For the cyclical solutions [...].

We consider a dynamic model of non-renewable resource extraction under the assumption that players do not know their opponents' utility functions.[...]

This paper provides general theorems about the control that maxi- mizes the mixed Bentham-Rawls (MBR) criterion for intergenerational justice, which was introduced in Alvarez-Cuadrado and Long (2009). We establish sufficient concavity conditions for a candidate trajectory to be optimal and...

Chichilnisky's criterion for sustainability has the merit to be, so far, the unique explicit, complete and continuous social welfare criterion that combines successfully the requirement of Weak Pareto with an instrumental notion of intergenerational equity (no dictatorship of the present and no...

This paper develops a two-country general equilibrium model with endogenous growth where governments behave strategically in the provision of productive infrastructure. The public capitals enter both national and foreign production as an external input, and they are …nanced by a at tax on...

This paper develops a two-country general equilibrium model with endogenous growth where governements behave strategically in the provision of productive infrastructure. The public capitals enter both national and foreign production as an external input, and they are financed by a flat tax on...

This paper explores the dynamic properties of price-based policies in a model of competition between two jurisdictions. Jurisdictions invest over time in infrastructure to increase the quality of the environment, a global public good. They are identical in all respects but one: initial stocks of...

We consider an OLG model with emissions arising from production and potential irreversible pollution. Pollution control goes through a system of permits and private agents can also maintain the environment. In this setting, we prove that there exist multiple equilibria. Due to the possible...

We examine the efficiency, distributional, and environmental consequences of assigning spatial property rights to part of a spatially-connected natural resource, a situation which we refer to as partial enclosure of the commons. The model reflects on a large class of institutions and natural...