Optimal exploitation of renewable resource stocks: necessary conditions

The Optimal Exploitation of Renewable Resource Stocks: Problems of Irreversible Investment Author(s):

Optimal cyclic exploitation of renewable resources

The paper contributes to the topic of optimal utilization of spatially distributed renewable resources. Namely, a problem of “sustainable” optimal cyclic exploitation of a renewable resource with logistic law of recovery is investigated. The resource is distributed on a circle and is collected by a single harvester moving along the circle. The recovering and harvesting rates are position-depend...

Biological and economic foundations of renewable resource exploitation

A physiologically based population dynamics model of a renewable resource is used as the basis to develop a model of human harvesting. The model incorporates developing technology and the effects of market forces on the sustainability of common property resources. The bases of the model are analogies between the economics of resource harvesting and allocation by firms and adapted organisms in n...

Optimal Exploitation of a Nonrenewable Resource

In this paper we study the long-term operation of an underground copper mining project. We model the project as a collection of blocks (minimal extraction units) each with its own mineral composition and extraction costs. The decision maker’s problem is to maximize the economic value of the project by controlling the sequence and rate of extraction as well as investing on costly capacity expans...

Stock - dependent uncertainty and optimal resource exploitation

The probability that an agent takes a certain action or a certain event occurs depends often on the actions taken by some agents. If this probability depends not only on current actions but on the sum of all past actions, these stock-dependent risks imply an intertemporal effect. In the present paper, we analyse this problem using an example concerning the exploitation of a non-renewable, exhau...