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Optimal Exploitation of Renewable Resources: Lessons in Sustainability from an Optimal Growth Model of Natural Resource Consumptionстатья
Информация о цитировании статьи получена из
Web of Science,
Scopus
Дата последнего поиска статьи во внешних источниках: 9 декабря 2020 г.
- Авторы: Aseev S., Manzoor T.
- Сборник: "Control Systems and Mathematical Methods in Economics" (Essays in honor of Vladimir Veliov),
- Серия: Lecture Notes in Economics and Mathematical Systems
- Том: 687
- Год издания: 2018
- Место издания: Springer, Cham
- Первая страница: 221
- Последняя страница: 245
- DOI: 10.1007/978-3-319-75169-6_11
- Аннотация: We study an optimal growth model for a single resource based economy. The resource is governed by the standard model of logistic growth, and is related to the output of the economy through a Cobb-Douglas type production function with exogenously driven knowledge stock. The model is formulated as an infinite-horizon optimal control problem with unbounded set of control constraints and non-concave Hamiltonian. We transform the original problem to an equivalent one with simplified dynamics and prove the existence of an optimal admissible control. Then we characterize the optimal paths for all possible parameter values and initial states by applying the appropriate version of the Pontryagin maximum principle. Our main finding is that only two qualitatively different types of behavior of sustainable optimal paths are possible depending on whether the resource growth rate is higher than the social discount rate or not. An analysis of these behaviors yields general criterions for sustainable and strongly sustainable optimal growth (w.r.t. the corresponding notions of sustainability defined herein).
- Добавил в систему: Асеев Сергей Миронович