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Computation Techniques for Intertemporal Allocation of Natural Resources

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  • Duane Chapman

Abstract

Application of optimal control theory to applied problems is limited by the difficulty of numerical solutions. Typically, terminal values for the production period, price, or production level have been assumed rather than optimized. The use of an objective functional with explicit discounting gives direct solution values for n, y(t), p(t), and rent (or consumer surplus) for continuous or discrete problems. The method is usable for numerical solutions to problems with linear demand, cost trend, or expropriation risk. It is illustrated with Fisher's widely used discrete problem and with application to parameters representing remaining world oil resources for competitive and monopolistic assumptions.

Suggested Citation

  • Duane Chapman, 1987. "Computation Techniques for Intertemporal Allocation of Natural Resources," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 69(1), pages 134-142.
    • Handle: RePEc:oup:ajagec:v:69:y:1987:i:1:p:134-142.
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    File URL: http://hdl.handle.net/10.2307/1241314
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    Cited by:

    1. Calvo, Jorge Andrés Perdomo & Pérez, Ana María Jaramillo, 2016. "Optimal extraction policy when the environmental and social costs of the opencast coal mining activity are internalized: Mining District of the Department of El Cesar (Colombia) case study," Energy Economics, Elsevier, vol. 59(C), pages 159-166.
    2. Ulibarri, Carlos A., 1996. "Non-conventional fuel tax credits and the extraction R&D model," Resources Policy, Elsevier, vol. 22(3), pages 207-215, September.
    3. Young, Ralph, 1992. "Evaluating Long-Lived Projects: The Issue Of Inter-Generational Equity," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 36(3), pages 1-26, December.

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