On conservation of renewable resources with stock-dependent return and nonconcave production

Journal of Economic Theory

Volumn 70, Issue 1, 1996, Pages 133-157

  Olson, Lars J ^a   Roy, Santanu ^b  

^a UNIVERSITY OF MARYLAND   (United States)

^b ERASMUS UNIVERSITY ROTTERDAM   (Netherlands)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 0030194414     PISSN: 00220531     EISSN: None     Source Type: Journal    
DOI: 10.1006/jeth.1996.0079     Document Type: Article

References (27)

1. 1. R. AMIR, L. J. MIRMAN, AND W. R. PERKINS, One-sector nonclassical optimal growth: Optimality conditions and comparative dynamics, Int. Econ. Rev. 32 (1991), 625-644.
2. 2. T. C. A. ANANT AND S. SHARMA, Dynamic optimization with a nonconvex technology: Determination of critical stocks, Math. Biosci. 75 (1985), 187-204.
3. 3. J. BENHABIB AND K. NISHIMURA, Competitive equilibrium cycles, J. Econ. Theory 35 (1985), 284-306.
4. 4. P. BERCK, Open access and extinction, Econometrica 47 (1979), 877-882.
5. 5. C. W. CLARK, Economically optimal policies for the utilization of biologically renewable resources, Math. Biosci. 12 (1971), 245-260.
6. 6. C. W. CLARK, Profit maximization and the extinction of animal species, J. Polit. Econ. 81 (1973), 950-961.
7. 7. M. CROPPER, A note on the extinction of renewable resources, J. Environ. Econ. Manage. 15 (1988), 64-70.
8. 8. M. CROPPER, D. R. LEE, AND S. S. PANNU, The optimal extinction of a renewable resource, J. Environ. Econ. Manage. 6 (1979), 341-349.
9. 9. W. D. DECHERT AND K. NISHIMURA, A complete characterization of optimal growth paths in an aggregated model with a non-concave production function, J. Econ. Theory 31 (1983), 332-354.
10. 10. P. K. DUTTA AND R. K. SUNDARAM, The tragedy of the commons? Econ. Theory 3 (1993), 413-426.
11. 11. M. A. KHAN AND T. MITRA, On the existence of a stationary optimal stock for a multisector economy: A primal approach, J. Econ. Theory 40 (1986), 319-328.
12. 12. M. KURZ, Optimal economic growth and wealth effects, Int. Econ. Rev. 9 (1968), 348-357.
13. 13. D. LEVHARI, R. MICHENER, AND L. J. MIRMAN, Dynamic programming models of fishing, competition, Amer. Econ. Rev. 71 (1981), 649-661.
14. 14. T. R. LEWIS AND R. SCHMALENSEE, Nonconvexity and optimal exhaustion of renewable resources, Int. Econ. Rev. 18 (1977), 535-552.
15. 15. M. MAJUMDAR AND T. MITRA, Intertemporal allocation with a nonconvex technology, J. Econ. Theory 27 (1982), 101-136.
16. 16. M. MAJUMDAR AND T. MITRA, Dynamic optimization with nonconvex technology: The case of a linear objective function, Rev. Econ. Stud. 50 (1983), 143-151.
17. 17. M. MAJUMDAR AND T. MITRA, Periodic and chaotic programs of optimal intertemporal allocation in an aggregative model with wealth effects, Econ. Theory 4 (1994), 649-676.
18. 18. L. W. MCKENZIE, Optimal economic growth and turnpike theorems, in "Handbook of Mathematical Economics" (K. J. Arrow and M. D. Intrilligator, Eds.), Vol. 3, N. Holland, Amsterdam, 1986.
19. 19. R. MENDELSSOHN AND M. J. SOBEL, Capital accumulation and the optimization of renewable resource models, J. Econ. Theory 23 (1980), 243-260.
20. 20. T. MITRA AND D. RAY, Dynamic optimization on a nonconvex feasible set: Some general results for non-smooth technologies, Z. Nationalökon. 44 (1984), 151-175.
21. 21. T. MITRA AND S. ROY, Optimal extinction of a renewable resource with stochastic nonconvex technology: An analysis of extinction and survival, manuscript, Cornell University, 1993.
22. 22. K. NISHIMURA AND M. YANO, Nonlinear dynamics and chaos in optimal growth: An example, Econometrica 63 (1995), 981-1001.
23. 23. Y. NYARKO AND L. J. OLSON, Stochastic dynamic models with stock-dependent rewards, J. Econ. Theory 55 (1991), 161-168.
24. 24. Y. NYARKO AND L. J. OLSON, Stochastic growth when utility depends on both consumption and the stock level, Econ. Theory 4 (1994), 791-797.
25. 25. L. J. OLSON AND S. ROY, "On Conservation of Renewable Resources with Stock-Dependent Return and Nonconcave Production," Discussion Paper #94-61, Tinbergen Institute Rotterdam, The Netherlands, 1994.
26. 26. A. K. SKIBA, Optimal growth with a convex-concave production function, Econometrica 46 (1978), 527-539.
27. 27. D. M. TOPKIS, Minimizing a submodular function on a lattice, Operations Res. 26 (1978), 305-321.