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The optimal control of emissions and renewable resource harvesting under uncertainty

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Author Info
J. Olsen
James Shortle
Abstract

A model of a renewable resource is developed where the growth and quality of the resource are reduced by pollution. Ambient pollution concentrations and the renewable resource stock are modeled as stochastic processes. Conditions for the optimal harvest plan and the optimal emissions rate are derived. The effect of stochastic variations on the optimal management of the resource is analyzed. The steady-state joint probability distribution of the resource and pollution stocks is shown to exist under certain conditions. Copyright Kluwer Academic Publishers 1996

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File URL: http://hdl.handle.net/10.1007/BF00699286
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Publisher Info
Article provided by European Association of Environmental and Resource Economists in its journal Environmental & Resource Economics.

Volume (Year): 7 (1996)
Issue (Month): 2 (March)
Pages: 97-115
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Handle: RePEc:kap:enreec:v:7:y:1996:i:2:p:97-115

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Web page: http://www.springerlink.com/link.asp?id=100263

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Related research
Keywords: Renewable resources; pollution control; stochastic optimal control;

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

  1. Olli Tahvonen, 1991. "On the dynamics of renewable resource harvesting and pollution control," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 1(1), pages 97-117, March. [Downloadable!] (restricted)
  2. Kahn, James R. & Kemp, W. Michael, 1985. "Economic losses associated with the degradation of an ecosystem: The case of submerged aquatic vegetation in Chesapeake Bay," Journal of Environmental Economics and Management, Elsevier, vol. 12(3), pages 246-263, September. [Downloadable!] (restricted)
  3. Pindyck, Robert S, 1984. "Uncertainty in the Theory of Renewable Resource Markets," Review of Economic Studies, Blackwell Publishing, vol. 51(2), pages 289-303, April. [Downloadable!] (restricted)
  4. Munro, Gordon R. & Scott, Anthony D., 1985. "The economics of fisheries management," Handbook of Natural Resource and Energy Economics, in: A. V. Kneese† & J. L. Sweeney (ed.), Handbook of Natural Resource and Energy Economics, edition 1, volume 2, chapter 14, pages 623-676 Elsevier. [Downloadable!] (restricted)
  5. Plourde, Charles & Yeung, David, 1989. "A model of industrial pollution in a stochastic environment," Journal of Environmental Economics and Management, Elsevier, vol. 16(2), pages 97-105, March. [Downloadable!] (restricted)
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Robert Deacon & Charles Kolstad & Allen Kneese & David Brookshire & David Scrogin & Anthony Fisher & Michael Ward & Kerry Smith & James Wilen, 1998. "Research Trends and Opportunities in Environmental and Natural Resource Economics," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 11(3), pages 383-397, April. [Downloadable!] (restricted)
    Other versions:
  2. Arantza Murillas, 2000. "Uncertainty and Real Options. Investment and Development of Fishing Resources (I)," BILTOKI 200001, Universidad del País Vasco - Departamento de Economía Aplicada III (Econometría y Estadística). [Downloadable!]
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