This article studies in an overlapping generations forest economy the conditions under which money and/or timber bequests occur across generations, assuming the usual case of one-sided altruism. We assume nonindustrial landowners have preferences for consumption and for amenities from...

We incorporate a renewable resource into an overlapping generations model with standard, well-behaved utility and constant returns production functions. Besides being a factor of production the resource serves as a store of value. We characterize dynamics, efficiency and stability of steady...

We incorporate a renewable resource into an overlapping generations model without capital and with quasi-linear preferences. Besides being an input for production the resource serves as a store of value. We characterize the dynamics, efficiency and stability of the steady state equilibria. The...