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Cyclical and constant strategies in renewable resources extraction

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  • Halkos, George

Abstract

This paper is concerned with the classic topic of intertemporal resource economics: the optimal harvesting of renewable natural resources over time by one and several resource owners with conflicting interests. The traditional management model, dating back to Plourde (1970), is extended towards a two–state model in which harvesting equipment is treated as a stock variable. As a consequence of this extension, an equilibrium dynamics with bifurcations and limit cycles occur. Next we discuss conflicts as a game with two types of players involved: the traditional fishermen armed with the basic equipment and the heavy equipment users. Both players have a common depletion function, thought as harvesting, which is dependent both on personal effort and on intensity of equipment’s usage.

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File URL: http://mpra.ub.uni-muenchen.de/34654/
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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 34654.

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Date of creation: Nov 2011
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Handle: RePEc:pra:mprapa:34654

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Related research

Keywords: Renewable resources; exploitation of natural resources; differential games;

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References

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  1. Plourde, C G, 1970. "A Simple Model of Replenishable Natural Resource Exploitation," American Economic Review, American Economic Association, vol. 60(3), pages 518-22, June.
  2. Dockner,Engelbert J. & Jorgensen,Steffen & Long,Ngo Van & Sorger,Gerhard, 2000. "Differential Games in Economics and Management Science," Cambridge Books, Cambridge University Press, number 9780521637329, October.
  3. Karl Farmer, 2000. "Intergenerational natural-capital equality in an overlapping-generations model with logistic regeneration," Journal of Economics, Springer, vol. 72(2), pages 129-152, June.
  4. Clark, Colin W. & Munro, Gordon R., 1975. "The economics of fishing and modern capital theory: A simplified approach," Journal of Environmental Economics and Management, Elsevier, vol. 2(2), pages 92-106, December.
  5. H. Scott Gordon, 1954. "The Economic Theory of a Common-Property Resource: The Fishery," Journal of Political Economy, University of Chicago Press, vol. 62, pages 124.
  6. Berck, Peter, 1981. "Optimal management of renewable resources with growing demand and stock externalities," Journal of Environmental Economics and Management, Elsevier, vol. 8(2), pages 105-117, June.
  7. Smith, Vernon L, 1969. "On Models of Commercial Fishing," Journal of Political Economy, University of Chicago Press, vol. 77(2), pages 181-98, March/Apr.
  8. Clark, Colin W, 1973. "Profit Maximization and the Extinction of Animal Species," Journal of Political Economy, University of Chicago Press, vol. 81(4), pages 950-61, July-Aug..
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Cited by:
  1. Halkos, George & Tsilika, Kyriaki, 2012. "Stability analysis in economic dynamics: A computational approach," MPRA Paper 41371, University Library of Munich, Germany.

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