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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- 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.
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- 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.
- Siebert, Horst, 1982. "Nature as a life support system: Renewable resources and environmental disruption," Open Access Publications from Kiel Institute for the World Economy 3569, Kiel Institute for the World Economy (IfW).
- Kahn, James R. & Kemp, W. Michael, 1985. "Economic losses associated with the degradation of an ecosystem: The case of submerged aquatic vegetation in Chesapeake Bay," Journal of Environmental Economics and Management, Elsevier, vol. 12(3), pages 246-263, September.
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