On the dynamics of renewable resource harvesting and pollution control
The paper presents a dynamic partial equilibrium model which combines optimal renewable resource harvesting and optimal pollution control. Pollution accumulates as a slowly decaying stock and is assumed to affect the growth and the quality of the renewable resource stock. The aim is to maximize a social welfare functional which gives the present value of the difference between natural resource benefits and pollution control costs. The existence, uniqueness and the dynamic properties of the steady states are investigated. The analysis also gives a general result concerning the steady state of any two state variable optimal control problems. Copyright Kluwer Academic Publishers 1991
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Volume (Year): 1 (1991)
Issue (Month): 1 (March)
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References listed on IDEAS
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- Bjorndal, Trond, 1988. "The optimal management of North Sea Herring," Journal of Environmental Economics and Management, Elsevier, vol. 15(1), pages 9-29, March.
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- William A. Brock & Jose A. Scheinkman, 1974.
"Global Asymptotic Stability of Optimal Control Systems with Applications to the Theory of Economic Growth,"
85, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
- Brock, William A. & Scheinkman, JoseA., 1976. "Global asymptotic stability of optimal control systems with applications to the theory of economic growth," Journal of Economic Theory, Elsevier, vol. 12(1), pages 164-190, February.
- Smith, Vernon L., 1977. "Control theory applied to natural and environmental resources an exposition," Journal of Environmental Economics and Management, Elsevier, vol. 4(1), pages 1-24, March.
- Feinstein, C. D. & Oren, S. S., 1983. "Local stability properties of the modified Hamiltonian dynamic system," Journal of Economic Dynamics and Control, Elsevier, vol. 6(1), pages 387-397, September.
- 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.
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