This note shows that the welll-known Hotelling rule holds for a wider class of capital investment projects with a property of process independence. Optimality behavior is therefore not a necessary condition for deriving the result.

We show that growth in NNP measured in constant prices indicates welfare improvement, provided that an observable rate of return measure is positive. This is an <p> alternative welfare interpretation of growth in comprehensive NNP compared with <p> that of Asheim and Weitzman (2001, this journal)...</p></p>

This paper is an attempt to investigate the cost-of-living index problem in a general equilibrium multi-sector growth model. Instead of using the utility function as a compensation criterion as Konüs’ (1924) did in his original contribution, we take advantage of the current-value Hamiltonian...

This paper shows how utility based welfare measures in dynamic general equilibrium under imperfect markets can be transferred into a money metrics. In order to do this, we need to price forward looking components measured in units of utility. The typical comprehensive (green or inclusive)...

This paper derives a dynamic cost-benefit rule for evaluating large projects. We show that, in addition to the conventional income and consumer surplus measures, the rule also entails an extra term involving capital cost changes.

Resilience to specified kinds of disasters is an active area of research and practice. However, rare or unprecedented disturbances that are unusually intense or extensive require a more broad-spectrum type of resilience. General resilience is the capacity of social-ecological systems to adapt or...

It has been suggested that oil exploration may lead to false perceptions of decreasing scarcity. We perform a simulation of the exploration process using Bayesian updating. The approach enables us to isolate the information effect on the success rate and also to quantify the subjective...

In this paper, we analyze a dynamic stochastic general equilibrium model on how water resilience a¤acts economic growth and dynamic welfare with special reference to South Africa. While water may become a limiting factor for future development in general, as a drought prone and water poor...