with insecure property rights, we analyze how resources are transformed into productive capital to sustain consumption. We … allow property rights to improve as the country transforms natural resources into capital. The ensuing power struggle about … result, the country substitutes away from resources to capital too rapidly and invests more than predicted by the Hartwick …

with insecure property rights, we analyze how resources are transformed into productive capital to sustain consumption. We … allow property rights to improve as the country transforms natural resources into capital. The ensuing power struggle about … result, the country substitutes away from resources to capital too rapidly and invests more than predicted by the Hartwick …

less than the marginal resource rents equals the expected capital gains on reserves of natural resources plus the expected … end up with lower sustainable consumption and are worse off, especially if seepage is strong, the number of rival groups …

less than the marginal resource rents equals the expected capital gains on reserves of natural resources plus the expected … up with lower sustainable consumption and are worse off, especially if seepage is strong, the number of rival groups is …

; Hartwick rule ; capital ; sustainable consumption ; fractionalization ; seepage ; insecure property rights ; differential game … with insecure property rights, we analyze how resources are transformed into productive capital to sustain consumption. We … allow property rights to improve as the country transforms natural resources into capital. The ensuing power struggle about …

with insecure property rights, we analyze how resources are transformed into productive capital to sustain consumption. We … allow property rights to improve as the country transforms natural resources into capital. The ensuing power struggle about … result, the country substitutes away from resources to capital too rapidly and invests more than predicted by the Hartwick …

depletion are faster than demanded by the Hotelling rule. As a result, the country substitutes away from resources to capital so … that it saves and invests more than a homogenous society. The power struggle boosts output. Nevertheless, fractionalization …-pool externalities. Fractionalization induces, however, positive genuine saving as measured by the World Bank. …

. As a result, the country substitutes away from resources to capital too rapidly so that it saves and invests more than a … rapid accumulation of physical capital. World Bank measures of genuine saving are likely to be over-estimated. This …