IDEAS home Printed from
MyIDEAS: Log in (now much improved!) to save this paper

Characterizing Interdependent Renewable and Nonrenewable resources: A Stochastic Multi-sector Characterization of Bellman's Principle of Optimality

Listed author(s):
  • Frank Raymond


    (Department of Economics, Bellarmine University)

Registered author(s):

    This paper focuses on the interaction of renewable and nonrenewable resources within the context of a stochastic model of optimal control. First, although existence of a multidimensional closed form solution to the general multi-sector Bellman model remains an open mathematical question, this analysis offers a characterization which can also be extended to other applications. Second, three stochastic golden rules with respect to resource exploitation are established. Finally, within the context of coastal development, this analysis explains why renewable resources become increasingly vulnerable to random external shocks as nonrenewable resources are depleted.

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below under "Related research" whether another version of this item is available online.
    2. Check on the provider's web page whether it is in fact available.
    3. Perform a search for a similarly titled item that would be available.

    Paper provided by College of the Holy Cross, Department of Economics in its series Working Papers with number 0005.

    in new window

    Date of creation: Jun 2000
    Handle: RePEc:hcx:wpaper:0005
    Contact details of provider: Phone: (508)793-3362
    Fax: (508) 793-3708
    Web page:

    More information through EDIRC

    No references listed on IDEAS
    You can help add them by filling out this form.

    This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

    When requesting a correction, please mention this item's handle: RePEc:hcx:wpaper:0005. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Victor Matheson)

    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.

    If references are entirely missing, you can add them using this form.

    If the full references list an item that is present in RePEc, but the system did not link to it, you can help with 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 profile, as there may be some citations waiting for confirmation.

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

    This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.