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Genuine savings measurement under uncertainty and its implications for depletable resource management
Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
2013 (English)In: Environmental Economics, ISSN 1998-6041, E-ISSN 1998-605X, Vol. 4, no 3, 20-25 p.Article in journal (Refereed) Published
Abstract [en]

The concept of genuine savings has in recent years become widely accepted as a dynamic welfare indicator, which first appeared in Weitzman (1976) and then "formalized" by Pearce and Atkinson (1993). This paper attempts to generalize this concept in a stochastic setting using the Dasgupta-Heal-Solow growth model under the Merton (1975) type of population growth uncertainty. It is shown that the formula for genuine savings under uncertainty also involves a variance component reflecting the welfare loss from risk aversion (cf. Li and Lofgren, 2012). Moreover, the welfare implications of the risk-adjusted genuine savings on depletable resource management are explored.

Place, publisher, year, edition, pages
2013. Vol. 4, no 3, 20-25 p.
Keyword [en]
genuine savings, uncertainty, depletable resource, welfare measurement
National Category
Economics
Research subject
Economics
Identifiers
URN: urn:nbn:se:umu:diva-67141OAI: oai:DiVA.org:umu-67141DiVA: diva2:611134
Available from: 2013-03-14 Created: 2013-03-14 Last updated: 2017-12-06Bibliographically approved

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Löfgren, Karl-Gustaf
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CiteExportLink to record
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