Optimal Control and Resources
Necessary and sufficient conditions from optimal control theory that are typically used when studying finite and infinite horizon natural resource economics problems are stated. In the finite horizon case their use is demonstrated by deriving an explicit solution of a model describing the optimal cleanup of a hazardous stock. In the infinite horizon case a qualitative characterization of the solution of a renewable resource extraction problem is achieved by employing a phase diagram. Complementary techniques such as comparative dynamics and dynamic envelope results are also employed in order to demonstrate how to extract the maximum amount of information from natural resource economics problems.
|Date of creation:||Aug 2011|
|Date of revision:|
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- LaFrance, Jeffrey T. & Barney, L. Dwayne, 1991. "The envelope theorem in dynamic optimization," Journal of Economic Dynamics and Control, Elsevier, vol. 15(2), pages 355-385, April.
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"Optimal Control Theory and Static Optimization in Economics,"
Cambridge University Press, number 9780521331586, September.
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- Caputo, Michael R., 1990. "A qualitative characterization of the competitive nonrenewable resource extracting firm," Journal of Environmental Economics and Management, Elsevier, vol. 18(3), pages 206-226, May.
- Olli Tahvonen, 1991. "On the dynamics of renewable resource harvesting and pollution control," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 1(1), pages 97-117, March.
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