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Linear production function, externalities and indeterminacy in a capital-resource growth model

Carboni, Oliviero Antonio and Russu, Paolo (2013) Linear production function, externalities and indeterminacy in a capital-resource growth model. Journal of Mathematical Economics, Vol. 49 (5), p. 422-428. ISSN 0304-4068. Article.

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DOI: 10.1016/j.jmateco.2013.04.002

Abstract

This paper investigates the equilibrium growth dynamics of an economy whose production is based on natural resources and which seeks to maximize welfare to the local community. This involves determining the optimal trajectories of consumption in the local area and the use of the environmental resource. Economic dynamics are affected by negative environmental externalities which are explicitly included as unfavourable effects in a linear production function. The analysis shows the existence of local and global indeterminacy.

Item Type:Article
ID Code:9205
Status:Published
Refereed:Yes
Uncontrolled Keywords:Environmental externalities, global and local indeterminacy, open-access natural resources
Subjects:Area 13 - Scienze economiche e statistiche > SECS-P/01 Economia politica
Divisions:002 Altri enti e centri di ricerca del Nord Sardegna > CRENoS-Centro Ricerche Economiche Nord Sud, Università di Cagliari e Università di Sassari
001 Università di Sassari > 01-a Nuovi Dipartimenti dal 2012 > Scienze economiche e aziendali
Publisher:Elsevier
ISSN:0304-4068
Deposited On:27 Sep 2013 09:32

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