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|
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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.
- repec:cup:cbooks:9780521331586 is not listed on IDEAS
- 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.
- Olli Tahvonen, 1991. "On the dynamics of renewable resource harvesting and pollution control," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 1(1), pages 97-117, March.
- Barrett, Scott, 1991. "Optimal soil conservation and the reform of agricultural pricing policies," Journal of Development Economics, Elsevier, vol. 36(2), pages 167-187, October.
- repec:cup:cbooks:9780521337465 is not listed on IDEAS
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