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Dynamic Optimization In Natural Resources Management

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  • George E HALKOS
  • George PAPAGEORGIOU

Abstract

Dynamic 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

Suggested Citation

  • George E HALKOS & George PAPAGEORGIOU, 2010. "Dynamic Optimization In Natural Resources Management," Journal of Advanced Research in Management, ASERS Publishing, vol. 1(2), pages 92-97.
    • Handle: RePEc:srs:jemt00:v:1:y:2010:i:2:p:92-97
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    References listed on IDEAS

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    1. Benchekroun, Hassan & Van Long, Ngo, 2002. "Transboundary Fishery: A Differential Game Model," Economica, London School of Economics and Political Science, vol. 69(274), pages 207-221, May.
    2. Harold Hotelling, 1931. "The Economics of Exhaustible Resources," Journal of Political Economy, University of Chicago Press, vol. 39(2), pages 137-137.
    3. Partha Dasgupta & Geoffrey Heal, 1974. "The Optimal Depletion of Exhaustible Resources," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 41(5), pages 3-28.
    4. W.A. Brock & D. Starrett, 2003. "Managing Systems with Non-convex Positive Feedback," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 26(4), pages 575-602, December.
    5. 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.
    6. Partha Dasgupta & Karl-Göran Mäler, 2003. "The Economics of Non-Convex Ecosystems: Introduction," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 26(4), pages 499-525, December.
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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.
    2. George Halkos & George Papageorgiou, 2013. "Dynamic modeling of pulse fishing: A game theoretic approach," DEOS Working Papers 1324, Athens University of Economics and Business.
    3. Anna Senkova & Kristina Sambronska & Jana Mitrikova & Daniela Matusikova & Svetlana Matkova, 2016. "Corporate Culture As A Tool For Increasing Employee Motivation," Polish Journal of Management Studies, Czestochowa Technical University, Department of Management, vol. 13(2), pages 131-141, June.

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    More about this item

    JEL classification:

    • 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

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