We develop two models of economic growth with exhaustible natural resources and consumers heterogeneous in time preferences. The first model assumes private ownership of natural resources. In the second model, natural resources are commonly owned and the resource extraction rate is chosen by...

We study the effect of heterogeneous growth in demand on resource extraction. Using the Great Fish War framework of Levhari and Mirman (1980), we show that heterogeneity in demand growth has a profound effect on both cooperative (Cournot-Nash and Stackelberg) and cooperative solutions

Resources depletion refers to the situation where the consumption of natural resources is faster than it can be replenished. The natural resources of a nation can be divided as renewable resources and non renewable resources. The natural resources contribute at large to the economic development...