Intertemporal Resource Economics

An Introduction to the Overlapping Generations Approach

  • Karl Farmer
  • Birgit Bednar-Friedl

Table of contents

  1. Front Matter
    Pages i-x
  2. Basics

    1. Front Matter
      Pages 1-1
    2. Karl Farmer, Birgit Bednar-Friedl
      Pages 3-18
    3. Karl Farmer, Birgit Bednar-Friedl
      Pages 19-29
  3. Efficiency and Market Equilibrium under Resource Abundance

    1. Front Matter
      Pages 31-31
    2. Karl Farmer, Birgit Bednar-Friedl
      Pages 33-43
  4. Efficiency and Market Equilibrium with Scarce Renewable Resources

    1. Front Matter
      Pages 73-73
    2. Karl Farmer, Birgit Bednar-Friedl
      Pages 75-90
  5. Intergenerational Equity and Market Equilibrium with Scarce Renewable Resources

    1. Front Matter
      Pages 103-103
    2. Karl Farmer, Birgit Bednar-Friedl
      Pages 105-115
    3. Karl Farmer, Birgit Bednar-Friedl
      Pages 117-132
  6. Shocks to Harvest Technology and Natural Regeneration

    1. Front Matter
      Pages 133-133
    2. Karl Farmer, Birgit Bednar-Friedl
      Pages 135-155
    3. Karl Farmer, Birgit Bednar-Friedl
      Pages 157-170
  7. Back Matter
    Pages 171-173

About this book

Introduction

This monograph provides a concise introduction to the overlapping generations approach to the intertemporal economics of renewable natural resources. In contrast to the dominant infinitely-lived agent (ILA) approach it acknowledges that natural resources typically outlive the individuals who use them. Finite lifetimes, generations overlap and competing natural and man-made capital facilitate long-run intergenerational inefficiency and inequity (unsustainability) of market allocations. While avoiding any presumption of either doomsday or a golden age, the book investigates the structural and institutional preconditions needed to ensure that renewable resources are used efficiently and equitably across generations. The primary aim of this book is to provide an easy-to-follow guide to the analytically much more demanding journal literature. This is achieved by using the same model type throughout the book and by adhering to functional specifications that allow for explicit equilibrium solutions.

Keywords

Intergenerational Efficiency Intertemporal Market Equilibrium Overlapping Generations Renewable Resources Resource Economics sustainability

Authors and affiliations

  • Karl Farmer
    • 1
  • Birgit Bednar-Friedl
    • 2
  1. 1., EconomicsUniversity of GrazGrazAustria
  2. 2., EconomicsUniversity of GrazGrazAustria

Bibliographic information

  • DOI https://doi.org/10.1007/978-3-642-13229-2
  • Copyright Information Springer-Verlag Berlin Heidelberg 2010
  • Publisher Name Springer, Berlin, Heidelberg
  • eBook Packages Business and Economics
  • Print ISBN 978-3-642-13228-5
  • Online ISBN 978-3-642-13229-2
  • About this book