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An optimal control problem in economics

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  • Jannett Highfill
  • Michael McAsey

Abstract

The first problem in the economics of natural resources is to find the rate at which to extract the resource in order to optimize its value when there are no extraction costs. It is shown that the existence of an optimal extraction path is not guaranteed by a utility function that is merely (strictly) concave, but that the additional requirement of asymptotic nonlinearity will assure the existence of the desired optimum.

Suggested Citation

  • Jannett Highfill & Michael McAsey, 1991. "An optimal control problem in economics," International Journal of Mathematics and Mathematical Sciences, Hindawi, vol. 14, pages 1-8, January.
    • Handle: RePEc:hin:jijmms:871616
    DOI: 10.1155/S016117129100073X
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    Cited by:

    1. Chang, Shuhua & Wang, Xinyu & Wang, Zheng, 2016. "Modelling and computing the peaks of carbon emission with balanced growth," Chaos, Solitons & Fractals, Elsevier, vol. 91(C), pages 452-460.
    2. Godinho, Cresus F.L. & Abreu, Everton M.C., 2021. "The analysis of the dynamic optimization problem in econophysics from the point of view of the symplectic approach for constrained systems," Chaos, Solitons & Fractals, Elsevier, vol. 145(C).

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