Sustainability,indeterminacy and oscillations in a growth model with environmental assets |
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| Institution: | 1. Dipartimento di Economia, Impresa e Regolamentazione, Università di Sassari, Via Sardegna 58, 07100 Sassari, Italy;3. Dipartimento di Matematica per le Decisioni, Università di Firenze, Via Lombroso 6/17, 50134 Firenze, Italy;1. Hydrogen Technology Research Center, School of Physics and Electronic Engineering, Jiangsu Normal University, Xuzhou 221116, PR China;2. Key Laboratory of Advanced Energy Materials Chemistry (Ministry of Education), Collaborative Innovation Center of Chemical Science and Engineering, College of Chemistry, Nankai University, Tianjin 300071, PR China;3. Institute of Catalysis for Energy and Environment, College of Chemistry and Chemical Engineering, Shenyang Normal University, Shenyang 110034, PR China;4. Experimental Center, Shenyang Normal University, Shenyang 110034, PR China;1. College of Polymer Science and Engineering, State Key Laboratory of Polymer Materials Engineering, Sichuan University, Chengdu, 610065, PR China;2. Department of Chemistry and Biochemistry, Freie Universitat Berlin, Takustr. 3, 14195 Berlin, Germany;3. National Engineering Research Center for Biomaterials, Sichuan University, Chengdu, 610064, PR China;1. Key Laboratory of Optic-Electric Sensing and Analytical Chemistry for Life Science, MOE, Qingdao University of Science and Technology, Qingdao 266042, PR China;2. Shandong Key Laboratory of Biochemical Analysis, Qingdao University of Science and Technology, Qingdao 266042, PR China;3. Key Laboratory of Analytical Chemistry for Life Science in Universities of Shandong, Qingdao University of Science and Technology, Qingdao 266042, PR China;4. College of Chemistry and Molecular Engineering, Qingdao University of Science and Technology, Qingdao 266042, PR China;5. Qingdao Haier Biotech Co. Ltd, Qingdao 266109, PR China;1. Department of Conservative Dentistry, School of Dentistry, Kyungpook National University, Daegu, South Korea;2. Department of Conservative Dentistry, School of Dentistry, Dental Research Institute, Pusan National University, Yangsan, South Korea;3. Department of Bioscience Research, College of Dentistry, University of Tennessee Health Science Center, Memphis, TN, USA;4. Dongnam Regional Division, Korea Institute of Industrial Technology, Jinju, South Korea;5. Department of Conservative Dentistry, College of Dentistry, Gangneung-Wonju National University, Gangneung, South Korea |
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| Abstract: | We consider an economy where welfare of a continuum of (identical) agents depends on three goods: leisure, a free access renewable environmental asset and a produced good which can be consumed or saved to accumulate physical capital. We assume that aggregate consumption depletes the natural resource and that economic agents take as exogenously given the negative impact on the environmental asset by aggregate consumption. In this context, we show that indeterminacy and oscillating behavior may arise. |
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