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The authors incorporate a renewable resource into an overlapping generations model with standard, well behaved utility and constant returns to scale production functions. Besides being a factor of production the resource serves as a store of value. They characterize dynamics, efficiency and...
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The authors incorporate a renewable resource into an overlapping generations model with standard, well behaved utility and constant returns to scale production functions. Besides being a factor of production the resource serves as a store of value. They characterize dynamics, efficiency and...
Persistent link: https://www.econbiz.de/10001465931
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when other assets are available, e.g. man-made capital, claims on monopoly rents, and R&D investment. Transfers raise the …
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