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System Dynamics Implementation Of An Extended Brander And Taylor-Like Easter Island Model, Takuro Uehara, Yoko Nagase, Wayne W. Wakeland Jul 2010

System Dynamics Implementation Of An Extended Brander And Taylor-Like Easter Island Model, Takuro Uehara, Yoko Nagase, Wayne W. Wakeland

Wayne W. Wakeland

We provide a system dynamics implementation of a dynamic ecological economics model. Dynamic economic models are often constrained to use functions, such as the Cobb-Douglas function, chosen “conveniently” to allow for analytic solutions. The C-D function, however, suffers from its fixed elasticity that does not allow for the substitutability between man-made capital and natural capital to change, which is vital for economic sustainability. Using system dynamics removes this constraint and enables more realistic ecological economics models containing functions not amenable to analytic solution. The base model is the natural resource and population growth model developed by Brander and Taylor (1998 ...