Dynamic optimization in natural resources management
AbstractDynamic 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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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 24744.
Date of creation: 2010
Date of revision:
Dynamic optimization; optimal control; maximum principle; natural resources;
Other versions of this item:
- George E. HALKOS & George PAPAGEORGIOU, 2010. "Dynamic Optimization in Natural Resources Management," Journal of Environmental Management and Tourism, ASERS Publishing, vol. 0(2), pages 92 - 97, December.
- Q32 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - Exhaustible Resources and Economic Development
- C61 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Optimization Techniques; Programming Models; Dynamic Analysis
- C62 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Existence and Stability Conditions of Equilibrium
This paper has been announced in the following NEP Reports:
- NEP-ALL-2010-09-11 (All new papers)
- NEP-ENE-2010-09-11 (Energy Economics)
- NEP-ENV-2010-09-11 (Environmental Economics)
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.:
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"Dynamic modeling of pulse fishing: A game theoretic approach,"
DEOS Working Papers
1324, Athens University of Economics and Business.
- Halkos, George & Papageorgiou, George, 2013. "Dynamic modeling of pulse fishing: A game theoretic approach," MPRA Paper 47871, University Library of Munich, Germany.
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