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Dynamic optimization in natural resources management

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  • Halkos, George

Abstract

Dynamic modeling is general and recently the most interesting perspective to solve a dynamic economic problem based on Pontryagin’s maximum principle. Moreover traditional economic theory, up to the middle of twentieth century, builds up the production functions regardless the inputs’ scarcity. Nowadays it is clear that both the inputs are depletable quantities and a lot of constraints are imposed in their usage in order to ensure economic sustainability. For example the input “oil” used in the production is a non renewable resource so it can be exhausted. In a same way every biomass resides in ecosystems is a resource that can be used in a generalized production function for capital accumulation purposes but the latter resource is a renewable one. The purpose of this paper is the presentation of some natural resources dynamic models in order to extract the optimal trajectories of the state and control variables for the optimal control economic problem. We show how methods of infinite horizon optimal control theory developed for natural resources models.

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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 24744.

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Date of creation: 2010
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Handle: RePEc:pra:mprapa:24744

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Keywords: Dynamic optimization; optimal control; maximum principle; natural resources;

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  1. Dockner,Engelbert J. & Jorgensen,Steffen & Long,Ngo Van & Sorger,Gerhard, 2000. "Differential Games in Economics and Management Science," Cambridge Books, Cambridge University Press, Cambridge University Press, number 9780521637329.
  2. Partha Dasgupta & Karl-Göran Mäler, 2003. "The Economics of Non-Convex Ecosystems: Introduction," Environmental & Resource Economics, European Association of Environmental and Resource Economists, European Association of Environmental and Resource Economists, vol. 26(4), pages 499-525, December.
  3. Benchekroun, Hassan & Van Long, Ngo, 2002. "Transboundary Fishery: A Differential Game Model," Economica, London School of Economics and Political Science, London School of Economics and Political Science, vol. 69(274), pages 207-21, May.
  4. W.A. Brock & D. Starrett, 2003. "Managing Systems with Non-convex Positive Feedback," Environmental & Resource Economics, European Association of Environmental and Resource Economists, European Association of Environmental and Resource Economists, vol. 26(4), pages 575-602, December.
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Cited by:
  1. George Halkos & George Papageorgiou, 2013. "Dynamic modeling of pulse fishing: A game theoretic approach," DEOS Working Papers, Athens University of Economics and Business 1324, Athens University of Economics and Business.
  2. Halkos, George & Tsilika, Kyriaki, 2012. "Stability analysis in economic dynamics: A computational approach," MPRA Paper, University Library of Munich, Germany 41371, University Library of Munich, Germany.

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