From a dynamic perspective, the existing literature on renewable resources
in a Ramsey economy is puzzling. On the one hand, the central planner's
solution leads to the occurrence of limit cycles around the lower steady
state (Wirl, 2004); on the other hand, limit cycles arise in a market
economy around the higher steady state (Bosi and Desmarchelier, 2018). To
reconcile these findings, we study the competitive equilibrium of a
discrete-time Ramsey-Cass-Koopmans model with a renewable resource, where
preferences are represented by two different utility functions with Constant
Static Elasticity of Substitution (CSES) and Constant Intertemporal
Elasticity of Substitution (CIES). In the CSES case, we recover the dynamics
highlighted by Wirl (2004), while, in the CIES case, the ones obtained by
Bosi and Desmarchelier (2018). Moreover, this conclusion is robust under two
alternative regeneration processes for the resource (power and logistic
laws). In other words, the dynamics seems to depend more on the preference
structure than on the market structure (central planner versus market
economy).

\textbf{Keywords}: Ramsey model, reproduction law, pollution, two-period and
limit cycles.

\textbf{JEL codes:} C61, E32, 044.