William Brock () (University of Wisconsin, Department of Economics, USA) Anastasios Xepapadeas () (Department of Economics, University of Crete, Greece)
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This paper adapts Turing analysis and applies it to dynamic bioeconomic problems where the inter- action of coupled economic and ecological dynamics over space endogenously creates (or destroys) spatial heterogeneity. It also extends Turing analysis to standard recursive optimal control frame- works in economic analysis and applies it to dynamic bioeconomic problems where the interaction of coupled economic and ecological dynamics under optimal control over space creates a challenge to analytical tractability. We show how an appropriate formulation of the problem reduces analysis to a tractable extension of linearization methods applied to the spatial analog of the well known costate/state dynamics. We illustrate the usefulness of our methods on bioeconomic applications, but the methods have more general economic applications where spatial considerations are important. We believe that the extension of Turing analysis and the theory associated with dispersion relationship to recursive in…nite horizon optimal control settings is new.
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Paper provided by University of Crete, Department of Economics in its series Working Papers with number
0407.
Find related papers by JEL classification: Q2 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation C6 - Mathematical and Quantitative Methods - - Mathematical Methods and Programming
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