I focus on two alternative concepts of sustainability dominating the literature: (i) maximum permanently maintainable consumption level (Fisherian income) and (ii) the amount of consumption that leaves total value of wealth intact (Hicksian income). In the context of a pure exhaustible resource...

This paper analyses budget-constrained, nonpoint source (NPS) pollution control with costly information acquisition and learning. To overcome the inherent ill-posed statistical problem in NPS pollution data the sequential entropy filter is applied to the sediment load management program for...

This paper sheds further light on the relationships between the current-value Hamiltonian, net national product (NNP), and sustainability condition in the context of a cake-eating economy. It shows that the usual interpretation of the current-value Hamiltonian as the maximum sustainable...

Departing from Hotelling's assumption of fixed and known reserves, this paper develops an economic model of additions to proven reserves that explicitly incorporates the effects of expected resource price, cumulative reserves development, and technological progress on reserve additions. The...

The study tests the popular belief that Democrats (and more generally, liberals) are “green” while Republicans (more generally, conservatives) are “brown”, for several measures of California air quality indicators. We employ two alternative econometric identification strategies on...

People value work not only as a means of earning income to satisfy their consumption needs but also as a direct source of satisfaction for its socio-psychological effects (non-pecuniary benefits). I show that once non-pecuniary effects of working time are incorporated in the standard...

The standard neoclassical growth model with Cobb-Douglas production predicts a monotonically declining saving rate, when reasonably calibrated. Ample empirical evidence, however, shows that the transition path of a country's saving rate exhibits a rising or non-monotonic pattern. In important...

The standard neoclassical growth model with Cobb-Douglas production predicts a monotonically declining saving rate, when reasonably calibrated. Ample empirical evidence, however, shows that the transition paths of most countries' saving rates exhibit a statistically significant hump-shaped...

Somalia mit seiner vornehmlich landwirtschaftlich bzw. an Viehzucht orientierten Oekonomie und zu Beginn der 70er Jahre praktisch Selbstversorger mit Getreide, wurde in den 70er und 80er Jahren zunehmend und in erschreckendem Ausmaß von Nahrungsmitteln abhängig. Untersucht werden die...