In this paper we question the role of a joy-of-giving bequest motive of a privately-owned renewable resource for sustainability. We model an overlapping generations economy in which individuals are endowed with a renewable resource. This resource can be exploited at no cost by the young...

We develop an overlapping generations growth model in which the individuals care about the environment. Many environmental policies suffer from institutional failures. We focus on the failure resulting from the delegation by the government of the exercise of the environmental policy to an...

In this article we ask whether a privately owned natural renewable resource can be conserved and managed efficiently when households have a joy-of-giving resource bequest motive. We model an overlapping generations economy in which firms have access to a CES production technology combining the...