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Optimal Control and Resources

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  • Micahel Caputo

    ()
    (University of Central Florida, Orlando, FL)

Abstract

Necessary and sufficient conditions from optimal control theory that are typically used when studying finite and infinite horizon natural resource economics problems are stated. In the finite horizon case their use is demonstrated by deriving an explicit solution of a model describing the optimal cleanup of a hazardous stock. In the infinite horizon case a qualitative characterization of the solution of a renewable resource extraction problem is achieved by employing a phase diagram. Complementary techniques such as comparative dynamics and dynamic envelope results are also employed in order to demonstrate how to extract the maximum amount of information from natural resource economics problems.

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File URL: http://files.bus.ucf.edu/cdn/economics/workingpapers/2011-07.pdf
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Bibliographic Info

Paper provided by University of Central Florida, Department of Economics in its series Working Papers with number 2011-07.

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Length: 31 Pages
Date of creation: Aug 2011
Date of revision:
Handle: RePEc:cfl:wpaper:2011-07

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Related research

Keywords: optimal control theory; necessary conditions; sufficient conditions; transversality conditions; comparative dynamics; dynamic envelope theorem; phase diagram;

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  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.
  2. Léonard,Daniel & Long,Ngo van, 1992. "Optimal Control Theory and Static Optimization in Economics," Cambridge Books, Cambridge University Press, number 9780521337465.
  3. Barrett, Scott, 1991. "Optimal soil conservation and the reform of agricultural pricing policies," Journal of Development Economics, Elsevier, vol. 36(2), pages 167-187, October.
  4. LaFrance, Jeffrey T. & Barney, L. Dwayne, 1991. "The envelope theorem in dynamic optimization," Journal of Economic Dynamics and Control, Elsevier, vol. 15(2), pages 355-385, April.
  5. Caputo, Michael R., 1990. "A qualitative characterization of the competitive nonrenewable resource extracting firm," Journal of Environmental Economics and Management, Elsevier, vol. 18(3), pages 206-226, May.
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