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This paper studies the optimal growth of a developing non-renewable natural resource producer. It extracts the resource, and produces a single consumption good with man-made capital. Moreover, it can sell the extracted resource abroad and use the revenues to buy an imported good, perfect...
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for existence of efficient allocations is the overlapping of the interiors of the risk adjusted sets of priors or the … or risk averse the agents, the more likely are efficient allocations and equilibria to exist. …
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We study a dynamic and infinite-dimensional model with incomplete multiple prior preferences. In interior efficient allocations, agents share a common risk-adjusted prior and subjective interest rate. Interior efficient allocations and equilibria coincide with those of economies with subjective...
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