On Sustainability and Intergenerational Transfers with a Renewable Resource
研究了在可再生资源再生率取决于资源存量的重叠世代模型中，竞争经济如何产生从资源枯竭到低效过度积累的不同结果，并分析了产出份额、私人贴现因子、代际转移和老年劳动供给对稳态均衡及社会时间偏好的影响。
Recent papers have examined sustainability in overlapping generations models with a nonrenewable resource or a renewable resource with a fixed rate of regeneration. When the regeneration of the resource depends upon the resource stock, a competitive economy can generate a variety of outcomes, from resource exhaustion to inefficient over accumulation, depending upon the value of key parameters. Output shares, private discount factor, intergenerational transfers, and labor supply when old affect the steady-state equilibrium and therefore the implied social rate of time preference. In some cases, a nondecreasing utility requirement can be Pareto inefficient