We develop two models of economic growth with exhaustible natural resources and consumers heterogeneous in time preferences. The first model assumes private ownership of natural resources. In the second model, natural resources are commonly owned and the resource extraction rate is chosen by...

Since the transition to agricultural production, property rights to land have been a key institution for economic development. Clearly defined land rights provide economic agents with increased access to credit, secure returns on investment, free up resources used to defend one's land rights,...