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In: Environment and development economics, Volume 9, Issue 4, p. 473-484
ISSN: 1469-4395
For a closed economy with human-made capital, non-renewable resource depletion and (possibly) exogenous, hyperbolic technical progress as explicit-form inputs to a production function, there is a feasible development path that is 'as if' optimal with respect to hyperbolic utility discounting. On this path, typically, welfare-equivalent income > wealth-equivalent income > Sefton-Weale income > net national product, with possibly dramatic differences among these measures; and sustainable income can be greater than, equal to, or less than NNP. For low enough discounting, growing consumption is optimal even when technical progress is zero. A particular discount rate makes all income measures and consumption constant and (except net national product) equal; and zero technical progress then gives the Solow (1974) maximin as a special case. The optimal path is time-consistent because of the way the utility discount rate is chosen to depend on the economy's stocks, and hence on absolute time.
In: Environment and development economics, Volume 3, Issue 4, p. 539-548
ISSN: 1469-4395
In: Crawford School CCEP Working Paper No. 1410
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Working paper
In: Journal of development economics, Volume 72, Issue 1, p. 299-320
ISSN: 0304-3878
In: Australian Journal of Agricultural and Resource Economics, Volume 52, Issue 1, p. 97-110
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In: CAMA Working Paper No. 26/2017
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Working paper