Optimal exploitation of renewable resources under uncertainty and the extinction of species
نویسندگان
چکیده
منابع مشابه
Optimal exploitation of renewable resources under uncertainty and the extinction of species
We consider an optimally managed renewable resource with stochastic non-concave growth function. We characterize the conditions under which the optimal policy leads to global extinction, global conservation and the existence of a safe standard of conservation. Our conditions are specified in terms of the economic and ecological primitives of the model: the biological growth function, the welfar...
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ژورنال
عنوان ژورنال: Economic Theory
سال: 2006
ISSN: 0938-2259,1432-0479
DOI: 10.1007/s00199-005-0618-5