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Please use this identifier to cite or link to this item: http://hdl.handle.net/2237/10702

Title: The Effects of Knowledge Accumulation on Intergenerational Allocation of an Exhaustible Resource with Amenity Value
Authors: CAI, Dapeng
Issue Date: 25-Dec-2002
Publisher: 名古屋大学大学院経済学研究科
Citation: 経済科学. v.50, n.3, 2002, p.57-78
Abstract: This paper analyzes equilibrium intergenerational allocation of an exhaustible resource with amenity value in an overlapping generations (OLG) economy. The paper first reviews two allocation schemes and concludes the ‘trust fund’ scheme, which is deemed to be ‘intergenerationally democratic’, is preferred to the ‘grandfathering’ scheme, which represents the business-as usual practice of resource use. It then introduces knowledge accumulation into the model by imposing a public R&D sector that creates new knowledge. It concludes that augmented knowledge stock leads the economy to higher stationary consumption levels and larger stocks of the resource to be preserved forever in the steady states under both of the above schemes. This is because the introduction of a public R&D sector addresses externalities concerning the creation of new knowledge. Furthermore, the paper also concludes that through the manipulation of the new knowledge output over time, it is possible to achieve certain ‘democratic’ allocation effects under the business-as –usual practice without reallocating property rights among generations.
URI: http://hdl.handle.net/2237/10702
ISSN: 0022-9725
selfDOI: 10.18999/ecos.50.3.57
Appears in Collections:経済科学 (The Economic Science)

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