IDEAS home Printed from https://ideas.repec.org/p/crt/wpaper/0111.html
   My bibliography  Save this paper

Irreversible Deveolpment of a Natural Resource: Management rules and policy issues when direct use values and environmental values are uncertain

Author

Listed:
  • Anastasios Xepapadeas

    (Department of Economics, University of Crete, Greece)

Abstract

The paper analyzes resource management that entails the irreversible development of an exhaustible resource when the values of services generated by the resource in either the developed or the undeveloped state are uncertain. An exercise barrier approach is used to derive the privately - optimal and the socially - optimal free boundaries. The two boundaries are used to compare the pace of development under profit maximization and social optimization. Regulatory schemes on resource development that will induce the profit - maximizing decision maker to behave as the social planner, with regard to development choices under uncertainty and irreversibility, are also presented.

Suggested Citation

  • Anastasios Xepapadeas, 2001. "Irreversible Deveolpment of a Natural Resource: Management rules and policy issues when direct use values and environmental values are uncertain," Working Papers 0111, University of Crete, Department of Economics.
    • Handle: RePEc:crt:wpaper:0111
    as

    Download full text from publisher

    File URL: http://economics.soc.uoc.gr/wpa/docs/orlando.pdf
    File Function: First version
    Download Restriction: no
    ---><---

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Arantza Murillas & José Manuel Chamorro, 2006. "Valuation and Management of Fishing Resources Under Price Uncertainty," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 33(1), pages 39-71, January.
    2. Karen Pittel & Lucas Bretschger, 2010. "The implications of heterogeneous resource intensities on technical change and growth," Canadian Journal of Economics, Canadian Economics Association, vol. 43(4), pages 1173-1197, November.
    3. Karen Pittel & Lucas Bretschger, 2008. "Sectoral Heterogeneity, Resource Depletion, and Directed Technical Change: Theory and Policy," CER-ETH Economics working paper series 08/96, CER-ETH - Center of Economic Research (CER-ETH) at ETH Zurich.

    More about this item

    Keywords

    Natural resource; irreversible development; uncertainty ; exercise boundary; private optimum; social;
    All these keywords.

    JEL classification:

    • Q0 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - General
    • Q2 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:crt:wpaper:0111. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Kostis Pigounakis (email available below). General contact details of provider: https://edirc.repec.org/data/deuchgr.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.