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Intertemporal Resource Economics

An Introduction to the Overlapping Generations Approach

  • Book
  • © 2010

Overview

Authors:
  1. Karl Farmer

    1. , Economics, University of Graz, Graz, Austria

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    You can also search for this author in PubMed   Google Scholar

  2. Birgit Bednar-Friedl

    1. , Economics, University of Graz, Graz, Austria

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    You can also search for this author in PubMed   Google Scholar

  • First monograph (advanced text book) using the overlapping generations approach to the economics of renewable natural resources

  • Clarifies the notion of intergenerational efficiency and applies it to intertemporal equilibria of market economies

  • Enables the reader to derive explicit solutions for intertemporal general equilibria with renewable resources

  • Introduces harvest costs in general equilibrium models

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Table of contents (11 chapters)

  1. Front Matter

    Pages i-x
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  2. Basics

    1. Front Matter

      Pages 1-1
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    2. Introduction

      • Karl Farmer, Birgit Bednar-Friedl
      Pages 3-18

    3. Economic Growth and Natural Resources

      • Karl Farmer, Birgit Bednar-Friedl
      Pages 19-29

  3. Efficiency and Market Equilibrium under Resource Abundance

    1. Front Matter

      Pages 31-31
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    2. Intergenerational Efficiency in Log-linear Cobb-Douglas OLG Models

      • Karl Farmer, Birgit Bednar-Friedl
      Pages 33-43

    3. Intertemporal Market Equilibrium and Short-Run Intergenerational Efficiency

      • Karl Farmer, Birgit Bednar-Friedl
      Pages 45-55

    4. Steady-State Market Equilibrium, Long-Run Intergenerational Efficiency, and Optimality

      • Karl Farmer, Birgit Bednar-Friedl
      Pages 57-72

  4. Efficiency and Market Equilibrium with Scarce Renewable Resources

    1. Front Matter

      Pages 73-73
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    2. Renewable Resources and Intergenerational Efficiency

      • Karl Farmer, Birgit Bednar-Friedl
      Pages 75-90

    3. Intertemporal Market Equilibrium and Intergenerational Efficiency with Renewable Resources

      • Karl Farmer, Birgit Bednar-Friedl
      Pages 91-101

  5. Intergenerational Equity and Market Equilibrium with Scarce Renewable Resources

    1. Front Matter

      Pages 103-103
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    2. Sustainable Economic Growth with Linear Resource Regeneration

      • Karl Farmer, Birgit Bednar-Friedl
      Pages 105-115

    3. Steady-State Sustainability under Logistically Regenerating Resources

      • Karl Farmer, Birgit Bednar-Friedl
      Pages 117-132

  6. Shocks to Harvest Technology and Natural Regeneration

    1. Front Matter

      Pages 133-133
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    2. Resource Use with Physical Harvest Costs

      • Karl Farmer, Birgit Bednar-Friedl
      Pages 135-155

    3. Effects of Harvest Cost and Biological Shocks

      • Karl Farmer, Birgit Bednar-Friedl
      Pages 157-170

  7. Back Matter

    Pages 171-173
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Keywords

About this book

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.

Authors and Affiliations

  • , Economics, University of Graz, Graz, Austria

    Karl Farmer, Birgit Bednar-Friedl

About the authors

Professor Dr. Karl Farmer, Department Chair Karl-Franzens-University, Graz, AustriaDr. Birgit Bednar-Friedl, Researcher, Wegener Center for Climate and Global Change, Karl-Franzens-University, Graz, Austria

Bibliographic Information

  • Book Title: Intertemporal Resource Economics

  • Book Subtitle: An Introduction to the Overlapping Generations Approach

  • Authors: Karl Farmer, Birgit Bednar-Friedl

  • DOI: https://doi.org/10.1007/978-3-642-13229-2

  • Publisher: Springer Berlin, Heidelberg

  • eBook Packages: Business and Economics, Economics and Finance (R0)

  • Copyright Information: Springer-Verlag GmbH Berlin Heidelberg 2010

  • Hardcover ISBN: 978-3-642-13228-5Published: 04 August 2010

  • Softcover ISBN: 978-3-642-43682-6Published: 15 October 2014

  • eBook ISBN: 978-3-642-13229-2Published: 23 July 2010

  • Edition Number: 1

  • Number of Pages: X, 173

  • Topics: Environmental Economics

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