Hartwick's rule and economic conservation laws

被引：13

作者：

Sato, R

Kim, Y

机构：

[1] NYU, Stern Sch Business, Dept Econ, Henry Kaufman Management Ctr, New York, NY 10012 USA

[2] NYU, Stern Sch Business, Ctr Japan US Business & Econ Studies, Henry Kaufman Management Ctr, New York, NY 10012 USA

[3] Korea Energy Econ Inst, Euiwang 437082, Kyungki Do, South Korea

来源：

JOURNAL OF ECONOMIC DYNAMICS & CONTROL | 2002年 / 26卷 / 03期

关键词：

economic conservation laws; investment rules for intergenerational equity; optimal capital accumulation with exhaustible resource extraction;

D O I：

10.1016/S0165-1889(00)00055-5

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This paper examines two policy rules for intergenerational equity in a model of optimal capital accumulation and resource extraction. First, we introduce Hartwick's rule (1977. American Economic Review 66, 972-974) for a constant consumption path and also consider relationships between Hartwick's rule and conservation laws. Second, by using conservation laws, we investigate another rule for a constant utility. This paper also attempts to derive the investment rule for Benthamite utility maximization. (C) 2002 Elsevier Science B.V. All rights reserved.

引用

页码：437 / 449

页数：13