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dc.contributor.authorAfyonoğlu-Fazlıoğlu, B.en_US
dc.contributor.authorPerez-Barahona, A.en_US
dc.contributor.authorSağlam, Hüseyin Çağrıen_US
dc.date.accessioned2020-01-31T13:18:08Z
dc.date.available2020-01-31T13:18:08Z
dc.date.issued2019
dc.identifier.issn0924-6460
dc.identifier.urihttp://hdl.handle.net/11693/52957
dc.description.abstractWe study the importance of considering different energy requirements for physical capital and final good production in an overlapping generations (OLG) resource economy. In contrast to the standard OLG framework, but consistently with the empirical evidence, we assume that the accumulation of physical capital requires more energy than the production of consumption goods. Focusing on exhaustible energy resources, we find that OLG equilibria can exhibit “non-classical dynamics”: the economy generates complex dynamics where, differing from the response predicted by the standard approach, resource prices may not increase monotonically. This result illustrates that the technological assumptions behind the energy inputs should be taken with caution, in particular on dynamic analyses involving exhaustible energy resources.en_US
dc.language.isoEnglishen_US
dc.source.titleEnvironmental and Resource Economicsen_US
dc.relation.isversionofhttps://dx.doi.org/10.1007/s10640-018-0236-xen_US
dc.subjectExhaustible energy resourcesen_US
dc.subjectEconomic dynamicsen_US
dc.subjectOverlapping generationsen_US
dc.titleEnergy and physical capital: a case of non-classical dynamicsen_US
dc.typeArticleen_US
dc.departmentDepartment of Economicsen_US
dc.citation.spage1003en_US
dc.citation.epage1022en_US
dc.citation.volumeNumber72en_US
dc.citation.issueNumber4en_US
dc.identifier.doi10.1007/s10640-018-0236-xen_US
dc.publisherSpringeren_US
dc.contributor.bilkentauthorSağlam, Hüseyin Çağrı


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