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...

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...

We 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. We characterize dynamics, efficiency and stability of...