| Автор | PEZZEY, JOHN C.V. |
| Дата выпуска | 2004 |
| dc.description | For a closed economy with human-made capital, non-renewable resource depletion and (possibly) exogenous, hyperbolic technical progress as explicit-form inputs to a production function, there is a feasible development path that is ‘as if’ optimal with respect to hyperbolic utility discounting. On this path, typically, welfare-equivalent income > wealth-equivalent income > Sefton-Weale income > net national product, with possibly dramatic differences among these measures; and sustainable income can be greater than, equal to, or less than NNP. For low enough discounting, growing consumption is optimal even when technical progress is zero. A particular discount rate makes all income measures and consumption constant and (except net national product) equal; and zero technical progress then gives the Solow (1974) maximin as a special case. The optimal path is time-consistent because of the way the utility discount rate is chosen to depend on the economyʼs stocks, and hence on absolute time. |
| Издатель | Cambridge University Press |
| Название | Exact measures of income in a hyperbolic economyI particularly thank Geir Asheim, Pam Mason, Steve Schilizzi and Cees Withagen for detailed and insightful reactions. I also acknowledge very helpful comments from two anonymous referees, and from participants at meetings of the Australian Agricultural and Resource Economics Society and the European Association of Environmental and Resource Economists, and at seminars at the University of York, the Free University of Amsterdam and the University of Bath. The usual disclaimer applies. |
| DOI | 10.1017/S1355770X04001470 |
| Electronic ISSN | 1469-4395 |
| Print ISSN | 1355-770X |
| Журнал | Environment and Development Economics |
| Том | 9 |
| Первая страница | 473 |
| Последняя страница | 484 |
| Аффилиация | PEZZEY JOHN C.V.; Australian National University |
| Выпуск | 4 |
