When is it optimal to exhaust a resource in a finite time?

Ecological Research

Volumn 22, Issue 3, 2007, Pages 422-430

  Akao, Ken Ichi ^a   Farzin, Y Hossein ^b  

^a WASEDA UNIVERSITY   (Japan)

^b UNIVERSITY OF CALIFORNIA   (United States)

Author keywords

Finite time exhaustion; Optimal path; Policy implications; Renewable resource management; Sustainability

Indexed keywords

CONSUMER-RESOURCE INTERACTION; DISCRETE CHOICE ANALYSIS; ECOLOGICAL STABILITY; ENVIRONMENTAL POLICY; NATURAL CAPITAL; PERCEPTION; POLICY STRATEGY; RENEWABLE RESOURCE; RESOURCE DEPLETION; SUSTAINABILITY;

EID: 34248166658     PISSN: 09123814     EISSN: 14401703     Source Type: Journal    
DOI: 10.1007/s11284-007-0363-2     Document Type: Article

References (31)

1. Akao K (2001) Some results for resource games. Institute for Research in Contemporary Political and Economic Affairs Working Paper 2009, Waseda University, Tokyo
2. Akao K (2004) Tax schemes in a class of differential games. School of Social Sciences Working Paper, Waseda University, Tokyo
3. Akao K, Farzin YH (2006) When is it optimal to exhaust a resource in a finite time? FEEM Working Paper 23.06, Fondazione Eni Enrico Mattei, Milano
4. Beddington JR, Watts CMK, Wright WDC (1975) Optimal cropping of self-reproducible natural resources. Econometrica 43:789-802
5. Berck P (1979) Open access and extinction. Econometrica 47:877-882
6. Carlowitz HC von (1713) Sylvicultura oeconomica. Brauns, Leipzig
7. Clark CW (1976) Mathematical bioeconomics: the optimal management of renewable resources. Wiley, New York
8. Dasgupta P, Heal G (1974) The optimal depletion of exhaustible resources. Review of economic studies. Symposium on the economics of exhaustible resources, pp 3-28
9. Dasgupta P, Mäler KG (1997) The resource-basis of production and consumption: an economic analysis. In: Dasgupta P, Mäler KG (eds) The environment and emerging development issues, vol1. Clarendon Press, Oxford, pp 1-32
10. Dechert D, Nishimura K (1983) A complete characterization of optimal growth paths in an aggregate model with a nonconvex production function. J Econ Theory 31:332-354
11. Deissenberg C, Feichtinger G, Semmler W, Wirl F (2001) History dependence and global dynamics in models with multiple equilibria. Center for Empirical Macroeconomics Working Paper 12, University of Bielefeld, Bielefeld
12. Farzin YH (2004) Is an exhaustible resource economy sustainable? Rev Dev Econ 8:33-46
13. Farzin YH, Akao K (2004) Non-pecuniary value of employment and individual labor supply. FEEM Working Paper 158.04, Fondazione Eni Enrico Mattei, Milano
14. Farzin YH, Akao K (2006) Non-pecuniary value of employment and natural resource extinction. FEEM Working Paper 24.06, Fondazione Eni Enrico Mattei, Milano
15. Hardin G (1968) The tragedy of commons. Science 162:1243-1247
16. Hartl RF (1987) A simple proof of the monotonicity of the state trajectories in autonomous control problems. J Econ Theory 41:211-215
17. Hartl RF, Kort PM, Feichtinger G, Wirl F (2004) Multiple equilibria and threshold due to relative investment costs. J Optim Theory Appl 123:49-82
18. Heal G (1998) Valuing the future: economic theory and sustainability. Columbia University Press, New York
19. Levhari D, Liviatan N (1972) On stability in the saddle-point sense. J Econ Theory 4:88-93
20. Magill MJP (1981) Infinite horizon programs. Econometrica 49:679-712
21. Nordhaus WD (1994) Reflecting on the concept of sustainable economic growth. In: Pasinetti, LL, Solow RM (eds) Economic growth and the structure of long-term development. Macillan/St. Martin's Press, New York, pp 309-325
22. Pearce D, Barbier EB, Markandya A. (1990) Sustainable development: economics and environment in the third World. Edward Elgar, Aldershot
23. Ramsey FP (1928) A mathematical theory of saving. Econ J 38:543-559
24. Skiba AK (1978) Optimal growth with a convex-concave production function. Econometrica 46:527-539
25. Solow RM (1998) An almost practical step toward sustainability. Resources for the Future, Washington, D.C.
26. Sorger G (1998) Markov-perfect Nash equilibria in a class of resources games. Econ Theory 11:78-100
27. Spence M, Starrett D (1975) Most rapid approach paths in accumulation problems. Int Econ Rev 16:388-403
28. Tsur Y, Zemel A (2006) Welfare measurement under threats of environmental catastrophes. J Environ Econ Manage 52:421-429
29. Turner RK, Pearce D, Bateman I (1994) Environmental economics: an elementary introduction. Harvester Wheatsheaf, New York
30. Vanclay JK (1996) Estimating sustainable timber production from tropical forests. CIFOR Working Paper 11, Center for International Forestry Research, Bogor
31. World Commission on Environment and Development (1987) Our common future. Oxford University Press, Oxford