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Optimal Resource Use Over Time with an Application to Ground Water

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  • Oscar R. Burt

    (University of California, Davis)

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    Abstract

    This paper is concerned with optimal allocation over time of a single resource which is either fixed in supply or only partially renewable at a point in time. Some resources which fall in this category are mineral deposits, ground water, petroleum, wildlife, and fish. A functional equation is obtained from a dynamic programming formulation of the problem. This functional equation is used to derive approximate decision rules for resource use as a function of current supply. The results are applied to ground water storage control and tested empirically by comparison with a decision rule obtained by detailed numerical methods.

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    File URL: http://dx.doi.org/10.1287/mnsc.11.1.80
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    Bibliographic Info

    Article provided by INFORMS in its journal Management Science.

    Volume (Year): 11 (1964)
    Issue (Month): 1 (September)
    Pages: 80-93

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    Handle: RePEc:inm:ormnsc:v:11:y:1964:i:1:p:80-93

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    Cited by:
    1. Dumsday, Robert G. & Nolan, J. & Kennedy, John O.S., 1991. "Do Dynamic Programming Models Improve Decision-Making on the Conjunctive Use of Surface and Groundwater Resources?," 1991 Conference (35th), February 11-14, 1991, Armidale, Australia 145856, Australian Agricultural and Resource Economics Society.
    2. Gardner Brown, 2000. "Renewable Natural Resource Management and Use Without Markets," Working Papers 0025, University of Washington, Department of Economics.
    3. Tsur, Yacov & Zemel, Amos, 1994. "Uncertainty And Irreversibility In Groundwater Resource Management," Staff Papers 13590, University of Minnesota, Department of Applied Economics.
    4. Pongkijvorasin, Sittidaj & Roumasset, James & Duarte, Thomas Kaeo & Burnett, Kimberly, 2010. "Renewable resource management with stock externalities: Coastal aquifers and submarine groundwater discharge," Resource and Energy Economics, Elsevier, vol. 32(3), pages 277-291, August.
    5. Gardner M. Brown, 2000. "Renewable Natural Resource Management and Use without Markets," Journal of Economic Literature, American Economic Association, vol. 38(4), pages 875-914, December.
    6. Kiran Krishnamurthy, Chandra, 2012. "Optimal Management of Groundwater under Uncertainty: A Unified Approach," CERE Working Papers 2012:19, CERE - the Center for Environmental and Resource Economics, revised 30 Jun 2014.
    7. Brent, Daniel A., 2013. "The Value of Heterogeneous Property Rights: The Costs of Water Volatility," 2013 Annual Meeting, August 4-6, 2013, Washington, D.C. 149698, Agricultural and Applied Economics Association.
    8. Sittidaj Pongkijvorasin & James Roumasset & Thomas Kae’o Duarte, 2007. "Coastal Groundwater Management with Nearshore Resource Interactions," Working Papers 200713, University of Hawaii at Manoa, Department of Economics.
    9. Christopher Timmins, 2002. "Measuring the Dynamic Efficiency Costs of Regulators' Preferences: Municipal Water Utilities in the Arid West," Econometrica, Econometric Society, vol. 70(2), pages 603-629, March.
    10. Tsur, Yacov & Zemel, Amos, 2002. "Endangered Aquifers: Groundwater Management Under Threats Of Catastrophic Events," Discussion Papers 14993, Hebrew University of Jerusalem, Department of Agricultural Economics and Management.
    11. Brown, Casey & Rogers, Peter & Lall, Upmanu, 2006. "Demand management of groundwater with monsoon forecasting," Agricultural Systems, Elsevier, vol. 90(1-3), pages 293-311, October.
    12. Pfeiffer, Lisa & Lin, C.-Y. Cynthia, 2012. "Groundwater pumping and spatial externalities in agriculture," Journal of Environmental Economics and Management, Elsevier, vol. 64(1), pages 16-30.
    13. Anonymous, 1991. "Environmental Quality And Land Values," Staff Papers 13399, University of Minnesota, Department of Applied Economics.
    14. Leizarowitz, Arie & Tsur, Yacov, 2012. "Renewable resource management with stochastic recharge and environmental threats," Journal of Economic Dynamics and Control, Elsevier, vol. 36(5), pages 736-753.

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