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Puzzling Over Sustainability

其他書名	An Equilibrium Analysis
出版	CORE, 2005
URL	http://books.google.com.hk/books?id=UewEtwAACAAJ&hl=&source=gbs_api

註釋In this paper we model an overlapping generations economy in which individuals are endowed with a renewable resource. This resource can be exploited at no cost by the young households and provided to production. A joy-of-giving bequest motive motivates the transfer of the unexploited resource to the heirs. The study of intertemporal equilibrium reveals three puzzles neglected by the literature on sustainability. First, the existence of a bequest motive does not automatically guarantee a sustainable future. Second, human exploitation may preserve the resouce in equilibrium but at a sub-optimal rate; in this case, both those who exploit too much and those who do not exploit enough should run a capital stock lower than the golden rule level. Thid, there exist flucuating transitions to a sustainable future in which some generations are worse off than both their ascendants and their descendants.