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.

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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
Publisher:	Elsevier
Projects:	Future Ocean
Date Deposited:	08 Jul 2014 09:38
Last Modified:	23 Sep 2019 22:49
URI:	https://oceanrep.geomar.de/id/eprint/25148

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