Complementarity, impatience, and the resilience of natural-resource-dependent economies.

Quaas, M. F., van Soest, D. and Baumgartner, S. (2013) Complementarity, impatience, and the resilience of natural-resource-dependent economies. Journal of Environmental Economics and Management, 66 (1). pp. 15-32. DOI 10.1016/j.jeem.2013.02.001.

Full text not available from this repository.

Supplementary data:

Abstract

We study how society's preferences affect the resilience of economies that depend on more than one type of natural resource. In particular, we analyze whether the degree of complementarity of natural resources in consumer preferences may give rise to multiple steady states and path dependence even when resources are managed optimally. We find that, for a given social discount rate, society tends to be less willing to buffer exogenous shocks if resource good are complements in consumption than if they are substitutes. The stronger the complementarity between the various types of natural resources, the less resilient the economy is, and even more so the higher is the social discount rate.

Document Type: Article
Additional Information: Times Cited: 0 Quaas, Martin F. van Soest, Daan Baumgaertner, Stefan
Keywords: Resilience, Substitutes and complements, Discounting, Multiple steady states, Natural resources, Path dependence, Regime shifts, Tipping points
Research affiliation: OceanRep > The Future Ocean - Cluster of Excellence > FO-R05
OceanRep > The Future Ocean - Cluster of Excellence > FO-R03
OceanRep > The Future Ocean - Cluster of Excellence > FO-R01
Kiel University
Kiel University > Kiel Marine Science
OceanRep > The Future Ocean - Cluster of Excellence
OceanRep > The Future Ocean - Cluster of Excellence > FO-R06
OceanRep > The Future Ocean - Cluster of Excellence > FO-R02
Refereed: Yes
Open Access Journal?: No
DOI etc.: 10.1016/j.jeem.2013.02.001
ISSN: 0095-0696
Projects: Future Ocean
Date Deposited: 08 Jul 2014 09:38
Last Modified: 23 Sep 2019 22:49
URI: http://oceanrep.geomar.de/id/eprint/25148

Actions (login required)

View Item View Item