Complementarity, impatience, and the resilience of natural-resource-dependent economies
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Complementarity, impatience, and the resilience of natural-resource-dependent economies. / Quaas, Martin F.; van Soest, Daan; Baumgärtner, Stefan.
Lüneburg : Institut für Volkswirtschaftslehre der Universität Lüneburg, 2011. (Working Paper Series in Economics; Nr. 220).Publikation: Arbeits- oder Diskussionspapiere und Berichte › Arbeits- oder Diskussionspapiere
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TY - UNPB
T1 - Complementarity, impatience, and the resilience of natural-resource-dependent economies
AU - Quaas, Martin F.
AU - van Soest, Daan
AU - Baumgärtner, Stefan
PY - 2011
Y1 - 2011
N2 - We study how human preferences affect the resilience of economies thatdepend on more than one type of natural resources. In particular, we analyze whether the degree of substitutability of natural resources in consumer needs may give rise to multiple steady states and path dependence even when resources are managed optimally. This is a major shift in the interpretation and analysis of resilience, from viewing (limited) resilience as an objective property of the economy-environment system to acknowledging its partially subjective, preference-based character. We find that society tends to be less willing to buffer exogenous shocks if resource goods are complements in consumption than if they are substitutes. Hence, the stronger the complementarity between the various types of resource goods, the less resilient the economy is.
AB - We study how human preferences affect the resilience of economies thatdepend on more than one type of natural resources. In particular, we analyze whether the degree of substitutability of natural resources in consumer needs may give rise to multiple steady states and path dependence even when resources are managed optimally. This is a major shift in the interpretation and analysis of resilience, from viewing (limited) resilience as an objective property of the economy-environment system to acknowledging its partially subjective, preference-based character. We find that society tends to be less willing to buffer exogenous shocks if resource goods are complements in consumption than if they are substitutes. Hence, the stronger the complementarity between the various types of resource goods, the less resilient the economy is.
KW - Economics
KW - Resilience
KW - substitutes and complements
KW - discounting
KW - multiple steady states
KW - natural resources
KW - path dependence
KW - regime shifts
KW - tipping points
KW - resilience
KW - substitutes and complements
KW - discounting
KW - multiple steady states
KW - natural resources
KW - path dependence
KW - regime shifts
KW - tipping points
KW - Sustainability sciences, Management & Economics
KW - Resilience
KW - substitutes and complements
KW - discounting
KW - multiple steady states
KW - natural resources
KW - path dependence
KW - regime shifts
KW - tipping points
M3 - Working papers
T3 - Working Paper Series in Economics
BT - Complementarity, impatience, and the resilience of natural-resource-dependent economies
PB - Institut für Volkswirtschaftslehre der Universität Lüneburg
CY - Lüneburg
ER -