메뉴 건너뛰기




Volumn , Issue , 2007, Pages 119-136

Linking Natural Capital and Physical Capital: A Review of Natural Resource Investment Models

Author keywords

Cummings; Natural capital; Optimal investment; Physical capital; Terminology

Indexed keywords


EID: 84889383915     PISSN: None     EISSN: None     Source Type: Book    
DOI: 10.1002/9780470751589.ch8     Document Type: Chapter
Times cited : (6)

References (65)
  • 2
    • 77949787155 scopus 로고
    • Optimal capital policy with irreversible investment
    • J.N. Wolfe (ed.) Value, Capital and Growth: Papers in Honour of Sir John Hicb. Edinburgh University Press, Chicago
    • Arrow, K.J. 1968. Optimal capital policy with irreversible investment. In J.N. Wolfe (ed.) Value, Capital and Growth: Papers in Honour of Sir John Hicb. Edinburgh University Press, Chicago.
    • (1968)
    • Arrow, K.J.1
  • 3
    • 0016153482 scopus 로고
    • Environmental preservation, uncertainty, and irreversibility
    • Arrow, K.J. and A.C. Fisher. 1974. Environmental preservation, uncertainty, and irreversibility. Quarterly Journal of Economics 88: 312-19.
    • (1974) Quarterly Journal of Economics , vol.88 , pp. 312-319
    • Arrow, K.J.1    Fisher, A.C.2
  • 4
    • 0000940164 scopus 로고
    • Uncertainty and the evaluation of public investment decisions
    • Arrow, K.J. and R.C. Lind. 1970. Uncertainty and the evaluation of public investment decisions. American Economic Review 60: 364-78.
    • (1970) American Economic Review , vol.60 , pp. 364-378
    • Arrow, K.J.1    Lind, R.C.2
  • 5
    • 0000980353 scopus 로고
    • Optimal growth with irreversible investment in a Ramsey model
    • Arrow, K.J. and M. Kurz. 1970. Optimal growth with irreversible investment in a Ramsey model. Econometrica 38: 331-44.
    • (1970) Econometrica , vol.38 , pp. 331-344
    • Arrow, K.J.1    Kurz, M.2
  • 6
    • 0003474315 scopus 로고    scopus 로고
    • Ownership risk, investment and the use of natural resources
    • Discussion Paper 97-20. Resources for the Future. Washington D.C
    • Bohn, H. and R.T. Deacon. 1997. Ownership risk, investment and the use of natural resources. Discussion Paper 97-20. Resources for the Future. Washington D.C.
    • (1997)
    • Bohn, H.1    Deacon, R.T.2
  • 7
    • 0029108395 scopus 로고
    • Optimal capital accumulation in a fishery: A nonlinear irreversible investment model
    • Boyce, J.R. 1995. Optimal capital accumulation in a fishery: A nonlinear irreversible investment model. Journal of Environmental Economics and Management 28: 324-39.
    • (1995) Journal of Environmental Economics and Management , vol.28 , pp. 324-339
    • Boyce, J.R.1
  • 8
    • 0001603924 scopus 로고
    • Evaluating natural resource investments
    • Brennan, M.J. and E.S. Schwartz. 1985. Evaluating natural resource investments. Journal ofBusiness 58: 135-57.
    • (1985) Journal ofBusiness , vol.58 , pp. 135-157
    • Brennan, M.J.1    Schwartz, E.S.2
  • 9
    • 0021817769 scopus 로고
    • Optimization of silvicultural investment for several types of stand projection systems
    • Brodie, J.D. and R.G. Haight. 1985. Optimization of silvicultural investment for several types of stand projection systems. Canadian Journal of Forest Research 15:188-91.
    • (1985) Canadian Journal of Forest Research , vol.15 , pp. 188-191
    • Brodie, J.D.1    Haight, R.G.2
  • 10
  • 11
    • 0001701167 scopus 로고
    • Production and investment in natural resource industries
    • Burt, O.R. and R.G. Cummings. 1970. Production and investment in natural resource industries. American Economic Review 60: 576-90.
    • (1970) American Economic Review , vol.60 , pp. 576-590
    • Burt, O.R.1    Cummings, R.G.2
  • 12
    • 0021030491 scopus 로고
    • Optimal fisheries investment: Comparative dynamics for a deterministic seasonal fishery
    • Charles, A.T. 1983a. Optimal fisheries investment: Comparative dynamics for a deterministic seasonal fishery. Canadian Journal of Fisheries and Aquatic Sciences 40: 2069-79.
    • (1983) Canadian Journal of Fisheries and Aquatic Sciences , vol.40 , pp. 2069-2079
    • Charles, A.T.1
  • 14
    • 0022043055 scopus 로고
    • Nonlinear costs and optimal fleet capacity in deterministic and stochastic fisheries
    • Charles, A.T. 1985. Nonlinear costs and optimal fleet capacity in deterministic and stochastic fisheries. Mathematical Biosciences 73: 271-99.
    • (1985) Mathematical Biosciences , vol.73 , pp. 271-299
    • Charles, A.T.1
  • 15
    • 0022880777 scopus 로고
    • Coastal state fishery development: Foreign fleets and optimal investment dynamics
    • Charles, A.T. 1986. Coastal state fishery development: Foreign fleets and optimal investment dynamics. Journal of Development Economics 24: 331-58.
    • (1986) Journal of Development Economics , vol.24 , pp. 331-358
    • Charles, A.T.1
  • 16
    • 0343659498 scopus 로고
    • Uncertainty and information in fishery management models: A Bayesian updating algorithm
    • Charles, A.T. 1992. Uncertainty and information in fishery management models: A Bayesian updating algorithm. American Journal of Mathematical and Management Sciences 12: 191-225.
    • (1992) American Journal of Mathematical and Management Sciences , vol.12 , pp. 191-225
    • Charles, A.T.1
  • 17
    • 0000066541 scopus 로고
    • Irreversible investment and optimal fisheries management: A stochastic analysis
    • Charles, A.T. and G.R. Munro. 1985. Irreversible investment and optimal fisheries management: A stochastic analysis. Marine Resources Economics 1: 247-64.
    • (1985) Marine Resources Economics , vol.1 , pp. 247-264
    • Charles, A.T.1    Munro, G.R.2
  • 18
    • 84889270657 scopus 로고
    • A decision support model for coastal fishery planning: Optimal capacity expansion and harvest management
    • A. J.M. Guimaraes Rodrigues (ed.) Operations Research and Management in Fishing. Kluwer Academic Publishers, Dordrecht
    • Charles, A.T. and C. Yang. 1990. A decision support model for coastal fishery planning: Optimal capacity expansion and harvest management. In A. J.M. Guimaraes Rodrigues (ed.) Operations Research and Management in Fishing. Kluwer Academic Publishers, Dordrecht.
    • (1990)
    • Charles, A.T.1    Yang, C.2
  • 19
    • 0025940689 scopus 로고
    • A strategic planning model for fisheries development
    • Charles, A.T. and C. Yang. 1991. A strategic planning model for fisheries development. Fisheries Research 10: 287-307.
    • (1991) Fisheries Research , vol.10 , pp. 287-307
    • Charles, A.T.1    Yang, C.2
  • 21
    • 84889449921 scopus 로고
    • The optimal exploitation of renewable resource stocks: Problems of irreversible investmen
    • Econometrica 47:Clark, C.W. and R. Lamberson. 1982. An economic history and analysis of pelagic whaling. Marine Policy
    • Clark, C.W., F.H. Clarke and G.R. Munro. 1979. The optimal exploitation of renewable resource stocks: Problems of irreversible investmen. Econometrica 47:Clark, C.W. and R. Lamberson. 1982. An economic history and analysis of pelagic whaling. Marine Policy 6: 103-20.
    • (1979) , vol.6 , pp. 103-120
    • Clark, C.W.1    Clarke, F.H.2    Munro, G.R.3
  • 23
    • 0032324574 scopus 로고    scopus 로고
    • Optimal timing of a mine expansion:Implementing a real options model
    • Cortazar, G. and J. Casassus. 1998. Optimal timing of a mine expansion:Implementing a real options model. Quarterly Review of Economics and Finance 38: 755-69.
    • (1998) Quarterly Review of Economics and Finance , vol.38 , pp. 755-769
    • Cortazar, G.1    Casassus, J.2
  • 24
    • 84889333493 scopus 로고    scopus 로고
    • A compound option model for evaluating multistage natural resource investments
    • M.J. Brennan and L. Trigeorgis (eds) Project Flexibility, Agency, and Product Market Competition: New Developments in the Theory and Application of Real Options Analysis. Oxford University Press
    • Cortazar, G. and J. Casassus. 1999. A compound option model for evaluating multistage natural resource investments. In M.J. Brennan and L. Trigeorgis (eds) Project Flexibility, Agency, and Product Market Competition: New Developments in the Theory and Application of Real Options Analysis. Oxford University Press.
    • (1999)
    • Cortazar, G.1    Casassus, J.2
  • 25
    • 84891010016 scopus 로고
    • Investment Under Uncertainty
    • Princeton University Press, NJ
    • Dixit, A. and R.S. Pindyck. 1994. Investment Under Uncertainty. Princeton University Press, NJ.
    • (1994)
    • Dixit, A.1    Pindyck, R.S.2
  • 26
    • 7644228724 scopus 로고    scopus 로고
    • Application of real options theory to forestry investment analysis
    • Duku-Kaakyire, A. and D.M. Nanang. 2004. Application of real options theory to forestry investment analysis. Forest Policy and Economics 6: 539-52.
    • (2004) Forest Policy and Economics , vol.6 , pp. 539-552
    • Duku-Kaakyire, A.1    Nanang, D.M.2
  • 27
    • 0036609738 scopus 로고    scopus 로고
    • Capacity utilization measures and excess capacity in multi-product privatized fisheries
    • Dupont, D.P., R.Q. Grafton, J. Kirkley and D. Squires. 2002. Capacity utilization measures and excess capacity in multi-product privatized fisheries. Resource and Energy Economics 24: 193-210.
    • (2002) Resource and Energy Economics , vol.24 , pp. 193-210
    • Dupont, D.P.1    Grafton, R.Q.2    Kirkley, J.3    Squires, D.4
  • 29
    • 0022695964 scopus 로고
    • Variable quotas, irreversible investment and optimal capacity in the fisheries
    • Flam, S.D. 1986. Variable quotas, irreversible investment and optimal capacity in the fisheries. Modeling, IdentiJication and Control 7(2): 93-105.
    • (1986) Modeling, IdentiJication and Control , vol.7 , Issue.2 , pp. 93-105
    • Flam, S.D.1
  • 30
    • 0003416602 scopus 로고
    • Capacity Expansion: Analysis of Simple Models with Applications
    • North Holland, New York
    • Freidenfelds, J. 1981. Capacity Expansion: Analysis of Simple Models with Applications. North Holland, New York.
    • (1981)
    • Freidenfelds, J.1
  • 31
    • 84889381742 scopus 로고
    • Applied Operations Research in Fishing
    • Plenum Press, New York
    • Haley, K.B. 1981. Applied Operations Research in Fishing. Plenum Press, New York.
    • (1981)
    • Haley, K.B.1
  • 32
    • 38249037720 scopus 로고
    • Optimal catch capacity and fishing effort in deterministic and stochastic fishery models
    • Hannesson, R. 1987. Optimal catch capacity and fishing effort in deterministic and stochastic fishery models. Fisheries Research 5: 1-21.
    • (1987) Fisheries Research , vol.5 , pp. 1-21
    • Hannesson, R.1
  • 33
    • 84889316436 scopus 로고
    • Fishing capacity and harvest rules
    • Hannesson, R. 1993 Fishing capacity and harvest rules. Marine Resource Economics 2: 25-53.
    • (1993) Marine Resource Economics , vol.2 , pp. 25-53
    • Hannesson, R.1
  • 34
    • 0028598096 scopus 로고
    • Optimum fishing capacity and international transfer of excess allowable catches
    • Hannesson, R. 1994. Optimum fishing capacity and international transfer of excess allowable catches. Land Economics 70: 330-44.
    • (1994) Land Economics , vol.70 , pp. 330-344
    • Hannesson, R.1
  • 35
    • 0344265049 scopus 로고    scopus 로고
    • Capacity choice as the exercise of a financial call option
    • Harchaoui, T.M. and P. Lasserre. 1996. Capacity choice as the exercise of a financial call option. Canadian Journal of Economics 29: 271-88.
    • (1996) Canadian Journal of Economics , vol.29 , pp. 271-288
    • Harchaoui, T.M.1    Lasserre, P.2
  • 36
    • 4243200489 scopus 로고    scopus 로고
    • Overexploitation of renewable resources by ancient societies and the role of sunk-cost effects
    • Janssen, M.A. and M. Scheffer. 2004. Overexploitation of renewable resources by ancient societies and the role of sunk-cost effects. Ecology and Society 9(1): 6.
    • (2004) Ecology and Society , vol.9 , Issue.1 , pp. 6
    • Janssen, M.A.1    Scheffer, M.2
  • 37
    • 0009160857 scopus 로고    scopus 로고
    • Investment behaviour and tax policy
    • Jensen, C.L. 1998. Investment behaviour and tax policy. Marine Resource Economics 13: 185-96.
    • (1998) Marine Resource Economics , vol.13 , pp. 185-196
    • Jensen, C.L.1
  • 38
    • 0031070997 scopus 로고    scopus 로고
    • Optimal investment and financing in renewable resource harvesting
    • Jorgensen, S. and P.M. Kort. 1997. Optimal investment and financing in renewable resource harvesting. Journal of Economic Dynamics and Control 21: 603-30.
    • (1997) Journal of Economic Dynamics and Control , vol.21 , pp. 603-630
    • Jorgensen, S.1    Kort, P.M.2
  • 39
    • 0042104167 scopus 로고    scopus 로고
    • Measuring capacity and capacity utilization in fisheries
    • D. Greboval (ed.) Managing Fishing Capacity: Selected Papers on Underlying Concepts and Issues. FA0 Fisheries Technical Paper. No.386. Food and Agriculture Organization of the United Nations, Rome
    • Kirkley, J.E. and D. Squires. 1999. Measuring capacity and capacity utilization in fisheries. In D. Greboval (ed.) Managing Fishing Capacity: Selected Papers on Underlying Concepts and Issues. FA0 Fisheries Technical Paper. No.386. Food and Agriculture Organization of the United Nations, Rome.
    • (1999)
    • Kirkley, J.E.1    Squires, D.2
  • 40
    • 0026735338 scopus 로고
    • Investment and harvest strategies of the Finnish forest sector under different forest-tax policies: A differential game approach with computer-based decision aid
    • Kivijarvi, H. and M. Soismaa. 1992 Investment and harvest strategies of the Finnish forest sector under different forest-tax policies: A differential game approach with computer-based decision aid. European Journal of Operational Research 56: 192-209.
    • (1992) European Journal of Operational Research , vol.56 , pp. 192-209
    • Kivijarvi, H.1    Soismaa, M.2
  • 41
  • 43
    • 0034490466 scopus 로고    scopus 로고
    • Return and risk in timberland and other investment alternatives for NIPF owners
    • Lonnstedt, L. and J. Svensson. 2000. Return and risk in timberland and other investment alternatives for NIPF owners. Scandinavian Journal of Forest Research 15: 661-69.
    • (2000) Scandinavian Journal of Forest Research , vol.15 , pp. 661-669
    • Lonnstedt, L.1    Svensson, J.2
  • 44
    • 0035518674 scopus 로고    scopus 로고
    • A model for investments in the natural resource industry with switching costs
    • Lumley, R. and M. Zervos. 2001. A model for investments in the natural resource industry with switching costs. Mathematics of Operations Research 26: 637-53.
    • (2001) Mathematics of Operations Research , vol.26 , pp. 637-653
    • Lumley, R.1    Zervos, M.2
  • 45
    • 0020183161 scopus 로고
    • Operations research and capacity expansion problems: A survey
    • Luss, H. 1982. Operations research and capacity expansion problems: A survey. Operations Research 30: 907-47.
    • (1982) Operations Research , vol.30 , pp. 907-947
    • Luss, H.1
  • 46
    • 0026467196 scopus 로고
    • An investment model for commercial afforestation in Scotland
    • MacMillan, D.C. and N.A. Chalmers. 1992. An investment model for commercial afforestation in Scotland. Forestry 65: 171-88.
    • (1992) Forestry , vol.65 , pp. 171-188
    • MacMillan, D.C.1    Chalmers, N.A.2
  • 47
    • 0003931321 scopus 로고
    • Investments for Capacity Expansion: Size, Location and Time-Phasing
    • MIT Press, Cambridge, MA
    • Manne, A.S. 1967Investments for Capacity Expansion: Size, Location and Time-Phasing. MIT Press, Cambridge, MA.
    • (1967)
    • Manne, A.S.1
  • 48
    • 46549096551 scopus 로고
    • Decentralized regulation of a common property renewable resource industry with irreversible investment
    • McKelvey, R. 1985 Decentralized regulation of a common property renewable resource industry with irreversible investment. Journal of Environmental Economics and Management 12: 287-304.
    • (1985) Journal of Environmental Economics and Management , vol.12 , pp. 287-304
    • McKelvey, R.1
  • 49
    • 0005642187 scopus 로고
    • Fur seal and blue whale: The bioeconomics of extinction
    • Y. Cohen (ed.) Applications of Control Theory in Ecology. Lecture Notes in Biomathematics 73, Springer-Verlag
    • McKelvey, R. 1987. Fur seal and blue whale: The bioeconomics of extinction. In Y. Cohen (ed.) Applications of Control Theory in Ecology. Lecture Notes in Biomathematics 73, Springer-Verlag.
    • (1987)
    • McKelvey, R.1
  • 50
    • 84889349374 scopus 로고
    • Fishing allocations and optimal fees: A single-and multilevel programming analysi
    • American Journal of Agricultural Economics 65:Mchich, R., P. Auger and N. Raissi. 2000. The dynamics of a fish stock exploited in two fishing zones. Acta Biotheoretica
    • Meuriot, E. and J.M. Gates. 1983. Fishing allocations and optimal fees: A single-and multilevel programming analysi. American Journal of Agricultural Economics 65:Mchich, R., P. Auger and N. Raissi. 2000. The dynamics of a fish stock exploited in two fishing zones. Acta Biotheoretica 48: 207-18.
    • (1983) , vol.48 , pp. 207-218
    • Meuriot, E.1    Gates, J.M.2
  • 52
    • 84863185679 scopus 로고    scopus 로고
    • Measuring Capacity in Fisheries
    • FA0 Fisheries Technical Paper. No.445. Food and Agriculture Organization of the United Nations, Rome
    • Pascoe, S. and D. Greboval. 2003 Measuring Capacity in Fisheries. FA0 Fisheries Technical Paper. No.445. Food and Agriculture Organization of the United Nations, Rome.
    • (2003)
    • Pascoe, S.1    Greboval, D.2
  • 53
    • 65549143408 scopus 로고    scopus 로고
    • Measuring and Assessing Capacity in Fisheries. 2
    • Issues and Methods. FA0 Fisheries Technical Paper. No.433/2. FAO, Rome
    • Pascoe, S., J.E. Kirkley, D. Greboval and C.J. Morrison-Paul. 2003. Measuring and Assessing Capacity in Fisheries. 2. Issues and Methods. FA0 Fisheries Technical Paper. No.433/2. FAO, Rome.
    • (2003)
    • Pascoe, S.1    Kirkley, J.E.2    Greboval, D.3    Morrison-Paul, C.J.4
  • 55
    • 0039572926 scopus 로고
    • Technological change, production and investment in natural resource industries
    • Rausser, G.C. 1914. Technological change, production and investment in natural resource industries. American Economic Review 64: 1049-59.
    • (1914) American Economic Review , vol.64 , pp. 1049-1059
    • Rausser, G.C.1
  • 56
    • 0011512579 scopus 로고
    • Optimal investment in the protection of a vulnerable biological resource
    • Reed, W.J. 1989. Optimal investment in the protection of a vulnerable biological resource. Natural Resource Modeling 3: 463-80.
    • (1989) Natural Resource Modeling , vol.3 , pp. 463-480
    • Reed, W.J.1
  • 57
    • 0141873003 scopus 로고    scopus 로고
    • An analysis of fishing capacity in the western and central Pacific Ocean tuna fishery and management implications
    • Reid, C., D. Squires, Y. Jeon, L. Rodwell and R. Clarke. 2003. An analysis of fishing capacity in the western and central Pacific Ocean tuna fishery and management implications. Marine Policy 21: 449-69.
    • (2003) Marine Policy , vol.21 , pp. 449-469
    • Reid, C.1    Squires, D.2    Jeon, Y.3    Rodwell, L.4    Clarke, R.5
  • 59
    • 10944250610 scopus 로고    scopus 로고
    • Economic returns model for silvicultural investments in young hardwood stands
    • Siry, J.P., D.J. Robison and F.W. Cubbage. 2004. Economic returns model for silvicultural investments in young hardwood stands. Southern Journal of Applied Forestry 28: 119-84.
    • (2004) Southern Journal of Applied Forestry , vol.28 , pp. 119-184
    • Siry, J.P.1    Robison, D.J.2    Cubbage, F.W.3
  • 60
    • 0031658279 scopus 로고    scopus 로고
    • Investing in wildlife: Can wildlife pay its way?
    • Skonhoft, A. 1998. Investing in wildlife: Can wildlife pay its way? Journal ofAj?ican Economies I: 231-62.
    • (1998) Journal ofAj?ican Economies I , pp. 231-262
    • Skonhoft, A.1
  • 61
    • 0000223877 scopus 로고
    • Economics of production from natural resources
    • Smith, V.L. 1968. Economics of production from natural resources. American Economic Review 58: 409-31.
    • (1968) American Economic Review , vol.58 , pp. 409-431
    • Smith, V.L.1
  • 62
    • 0010770755 scopus 로고
    • Individual transferable quota markets and investment decisions in the fixed gear sablefish industry
    • Squires, D., M. Alauddin and J. Kirkley. 1994. Individual transferable quota markets and investment decisions in the fixed gear sablefish industry. Journal of Environmental Economics and Management 21: 185-204.
    • (1994) Journal of Environmental Economics and Management , vol.21 , pp. 185-204
    • Squires, D.1    Alauddin, M.2    Kirkley, J.3
  • 63
    • 0000814583 scopus 로고
    • Irreversible capital investment in a two-stage bimatrix fishery game model
    • Sumaila, U.R. 1995. Irreversible capital investment in a two-stage bimatrix fishery game model. Marine Resource Economics 10: 263-83.
    • (1995) Marine Resource Economics , vol.10 , pp. 263-283
    • Sumaila, U.R.1
  • 64
    • 0037700179 scopus 로고    scopus 로고
    • Estimating capacity utilisation in multipurpose, multi-metier fisheries
    • Tingley, D., S. Pascoe and S. Mardle. 2003. Estimating capacity utilisation in multipurpose, multi-metier fisheries. Fisheries Research 63: 121-34.
    • (2003) Fisheries Research , vol.63 , pp. 121-134
    • Tingley, D.1    Pascoe, S.2    Mardle, S.3


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.