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Sustained development of a society with a renewable resource

Authors
Journal
Journal of Economic Dynamics and Control
0165-1889
Publisher
Elsevier
Publication Date
Volume
34
Issue
6
Identifiers
DOI: 10.1016/j.jedc.2010.01.012
Keywords
  • Sustainability
  • Intergenerational Equity
  • Maximin
  • Regular Path
  • Population

Abstract

Abstract A maximin program is applied to a policy of sustaining a simple society whose population is dependent on a resource subject to logistic growth. Regular and non-regular paths are characterized. There are continua of both regular and non-regular solutions, the type depending on the initial conditions. A non-regular path involves an intermediate part in which the sustainment constraint is not effective. All solutions are time consistent and Pareto optimal. Because a problem may not be regular, it is not valid to assume that sustainment implies constant utility.

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