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Cyclical and constant strategies in renewable resources extraction

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  • Halkos, George

Abstract

This paper is concerned with the classic topic of intertemporal resource economics: the optimal harvesting of renewable natural resources over time by one and several resource owners with conflicting interests. The traditional management model, dating back to Plourde (1970), is extended towards a two–state model in which harvesting equipment is treated as a stock variable. As a consequence of this extension, an equilibrium dynamics with bifurcations and limit cycles occur. Next we discuss conflicts as a game with two types of players involved: the traditional fishermen armed with the basic equipment and the heavy equipment users. Both players have a common depletion function, thought as harvesting, which is dependent both on personal effort and on intensity of equipment’s usage.

Suggested Citation

  • Halkos, George, 2011. "Cyclical and constant strategies in renewable resources extraction," MPRA Paper 34654, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:34654
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    File URL: https://mpra.ub.uni-muenchen.de/34654/1/MPRA_paper_34654.pdf
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    References listed on IDEAS

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    1. Karl Farmer, 2000. "Intergenerational natural-capital equality in an overlapping-generations model with logistic regeneration," Journal of Economics, Springer, vol. 72(2), pages 129-152, June.
    2. Clark, Colin W, 1973. "Profit Maximization and the Extinction of Animal Species," Journal of Political Economy, University of Chicago Press, vol. 81(4), pages 950-961, July-Aug..
    3. Plourde, C G, 1970. "A Simple Model of Replenishable Natural Resource Exploitation," American Economic Review, American Economic Association, vol. 60(3), pages 518-522, June.
    4. Smith, Vernon L, 1969. "On Models of Commercial Fishing," Journal of Political Economy, University of Chicago Press, vol. 77(2), pages 181-198, March/Apr.
    5. Clark, Colin W. & Munro, Gordon R., 1975. "The economics of fishing and modern capital theory: A simplified approach," Journal of Environmental Economics and Management, Elsevier, vol. 2(2), pages 92-106, December.
    6. 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, March.
    7. H. Scott Gordon, 1954. "The Economic Theory of a Common-Property Resource: The Fishery," Journal of Political Economy, University of Chicago Press, vol. 62, pages 124-124.
    8. Berck, Peter, 1981. "Optimal management of renewable resources with growing demand and stock externalities," Journal of Environmental Economics and Management, Elsevier, vol. 8(2), pages 105-117, June.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. Halkos, George & Papageorgiou, George, 2017. "Public debt, corruption and tax evasion: Nash and Stackelberg equilibria," MPRA Paper 77519, University Library of Munich, Germany.
    2. Halkos, George & Tsilika, Kyriaki, 2012. "Stability analysis in economic dynamics: A computational approach," MPRA Paper 41371, University Library of Munich, Germany.
    3. Halkos, George & Papageorgiou, George, 2017. "Public debt, pollution and environmental taxes: Nash and Stackelberg equilibria," MPRA Paper 81982, University Library of Munich, Germany.

    More about this item

    Keywords

    Renewable resources; exploitation of natural resources; differential games;

    JEL classification:

    • 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
    • Q30 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - General

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