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Modeling of Nonrenewable Resources

In: Mathematical Modeling in Economics, Ecology and the Environment

Author

Listed:
  • Natali Hritonenko

    (Prairie View A&M University)

  • Yuri Yatsenko

    (Houston Baptist University)

Abstract

This chapter is devoted to an important economic–environmental problem: the modeling of the optimal extraction and utilization of nonrenewable (exhaustible) resources. Nonrenewable resources are natural resources that cannot be replaced as quickly as they are being consumed. Examples of such resources include fossil fuels (petroleum, coal, and natural gas) and mineral resources (iron, gold, and other). The models of Section 10.1 consider the resource extraction process in isolation from other economic activities. Section 10.2 investigates the economic growth model with a two-factor Cobb–Douglas technology that uses physical capital and exhaustible resource to produce aggregate product.

Suggested Citation

  • Natali Hritonenko & Yuri Yatsenko, 2013. "Modeling of Nonrenewable Resources," Springer Optimization and Its Applications, in: Mathematical Modeling in Economics, Ecology and the Environment, edition 2, chapter 0, pages 221-240, Springer.
    • Handle: RePEc:spr:spochp:978-1-4614-9311-2_10
    DOI: 10.1007/978-1-4614-9311-2_10
    as

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