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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...
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We develop a theory of resource management where the degree to which countries escape the tragedy of the commons is … at any world price, have zero rents and suffer from the tragedy of the commons. Ostrom economies exhibit de facto open …
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The purpose of this paper is to model the influence of Kantian moral scruples in a dynamic environment. Our objectives are two-fold. Firstly, we investigate how a Nash equilibrium among agents who have moral scruples may ensure that the exploitation of a common property renewable resource is...
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