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

Martin F. Quaas; Daan van Soest; Stefan Baumgärtner

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

Research output: Working paper › Working papers

Standard

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; No. 220).

Research output: Working paper › Working papers

Harvard

Quaas, MF, van Soest, D & Baumgärtner, S 2011 'Complementarity, impatience, and the resilience of natural-resource-dependent economies' Working Paper Series in Economics, no. 220, Institut für Volkswirtschaftslehre der Universität Lüneburg, Lüneburg.

APA

Quaas, M. F., van Soest, D., & Baumgärtner, S. (2011). Complementarity, impatience, and the resilience of natural-resource-dependent economies. (Working Paper Series in Economics; No. 220). Institut für Volkswirtschaftslehre der Universität Lüneburg.

Vancouver

Quaas MF, van Soest D, Baumgärtner S. Complementarity, impatience, and the resilience of natural-resource-dependent economies. Lüneburg: Institut für Volkswirtschaftslehre der Universität Lüneburg. 2011. (Working Paper Series in Economics; 220).

Bibtex

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title = "Complementarity, impatience, and the resilience of natural-resource-dependent economies",

abstract = "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.",

keywords = "Economics, Resilience, substitutes and complements, discounting, multiple steady states, natural resources, path dependence, regime shifts, tipping points, resilience, substitutes and complements, discounting, multiple steady states, natural resources, path dependence, regime shifts, tipping points, Sustainability sciences, Management & Economics, Resilience, substitutes and complements, discounting, multiple steady states, natural resources, path dependence, regime shifts, tipping points",

author = "Quaas, {Martin F.} and {van Soest}, Daan and Stefan Baumg{\"a}rtner",

year = "2011",

language = "English",

series = "Working Paper Series in Economics",

publisher = "Institut f{\"u}r Volkswirtschaftslehre der Universit{\"a}t L{\"u}neburg",

number = "220",

type = "WorkingPaper",

institution = "Institut f{\"u}r Volkswirtschaftslehre der Universit{\"a}t L{\"u}neburg",

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RIS

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 -

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