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On Conservation of Renewable Resources with Stock-Dependent Return and Non-Concave Production

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  • Olson, Lars J.
  • Roy, Santanu

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  • Olson, Lars J. & Roy, Santanu, 1994. "On Conservation of Renewable Resources with Stock-Dependent Return and Non-Concave Production," Working Papers 197800, University of Maryland, Department of Agricultural and Resource Economics.
    • Handle: RePEc:ags:umdrwp:197800
    DOI: 10.22004/ag.econ.197800
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    1. W. Davis Dechert & Kazuo Nishimura, 2012. "A Complete Characterization of Optimal Growth Paths in an Aggregated Model with a Non-Concave Production Function," Springer Books, in: John Stachurski & Alain Venditti & Makoto Yano (ed.), Nonlinear Dynamics in Equilibrium Models, edition 127, chapter 0, pages 237-257, Springer.
    2. Nyarko, Yaw & Olson, Lars J., 1991. "Stochastic dynamic models with stock-dependent rewards," Journal of Economic Theory, Elsevier, vol. 55(1), pages 161-168, October.
    3. Dutta, Prajit K & Sundaram, Rangarajan K, 1993. "The Tragedy of the Commons?," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 3(3), pages 413-426, July.
    4. Skiba, A K, 1978. "Optimal Growth with a Convex-Concave Production Function," Econometrica, Econometric Society, vol. 46(3), pages 527-539, May.
    5. Mendelssohn, Roy & Sobel, Matthew J., 1980. "Capital accumulation and the optimization of renewable resource models," Journal of Economic Theory, Elsevier, vol. 23(2), pages 243-260, October.
    6. Ali Khan, M. & Mitra, Tapan, 1986. "On the existence of a stationary optimal stock for a multi-sector economy: A primal approach," Journal of Economic Theory, Elsevier, vol. 40(2), pages 319-328, December.
    7. Majumdar, Mukul & Mitra, Tapan, 1994. "Periodic and Chaotic Programs of Optimal Intertemporal Allocation in an Aggregative Model with Wealth Effects," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 4(5), pages 649-676, August.
    8. Clark, Colin W, 1973. "Profit Maximization and the Extinction of Animal Species," Journal of Political Economy, University of Chicago Press, vol. 81(4), pages 950-961, July-Aug..
    9. Kazuo Nishimura & Makoto Yano, 2012. "Non-linear Dynamics and Chaos in Optimal Growth: An Example," Springer Books, in: John Stachurski & Alain Venditti & Makoto Yano (ed.), Nonlinear Dynamics in Equilibrium Models, edition 127, chapter 0, pages 127-150, Springer.
    10. Lewis, Tracy R & Schmalensee, Richard, 1977. "Nonconvexity and Optimal Exhaustion of Renewable Resources," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 18(3), pages 535-552, October.
    11. Cropper, M. L., 1988. "A note on the extinction of renewable resources," Journal of Environmental Economics and Management, Elsevier, vol. 15(1), pages 64-70, March.
    12. ., 1994. "Neoclassical Microeconomic Theory, Critique of," Chapters, in: Geoffrey M. Hodgson & Warren J. Samuels & Marc R. Tool (ed.), The Elgar Companion to Institutional and Evolutionary Economics, volume 0, chapter 113, Edward Elgar Publishing.
    13. Amir, Rabah & Mirman, Leonard J & Perkins, William R, 1991. "One-Sector Nonclassical Optimal Growth: Optimality Conditions and Comparative Dynamics," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 32(3), pages 625-644, August.
    14. ., 1994. "Welfare Economic Theory," Chapters, in: Geoffrey M. Hodgson & Warren J. Samuels & Marc R. Tool (ed.), The Elgar Companion to Institutional and Evolutionary Economics, volume 0, chapter 127, Edward Elgar Publishing.
    15. Berck, Peter, 1979. "Open Access and Extinction," Econometrica, Econometric Society, vol. 47(4), pages 877-882, July.
    16. Jess Benhabib & Kazuo Nishimura, 2012. "Competitive Equilibrium Cycles," Springer Books, in: John Stachurski & Alain Venditti & Makoto Yano (ed.), Nonlinear Dynamics in Equilibrium Models, edition 127, chapter 0, pages 75-96, Springer.
    17. Mukul Majumdar & Tapan Mitra, 1983. "Dynamic Optimization with a Non-Convex Technology: The Case of a Linear Objective Function," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 50(1), pages 143-151.
    18. Cropper, M. L. & Lee, Dwight R. & Pannu, Sukhraj Singh, 1979. "The optimal extinction of a renewable natural resource," Journal of Environmental Economics and Management, Elsevier, vol. 6(4), pages 341-349, December.
    19. Levhari, David & Michener, Ron & Mirman, Leonard J, 1981. "Dynamic Programming Models of Fishing: Competition," American Economic Review, American Economic Association, vol. 71(4), pages 649-661, September.
    20. Nyarko, Yaw & Olson, Lars J, 1994. "Stochastic Growth When Utility Depends on Both Consumption and the Stock Level," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 4(5), pages 791-797, August.
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    Cited by:

    1. Olson, Lars J., 1995. "Dynamic Economic Models with Uncertainty and Irreversibility: Methods and Applications," Working Papers 197822, University of Maryland, Department of Agricultural and Resource Economics.
    2. Olson, Lars J. & Roy, Santanu, 2000. "Dynamic Efficiency of Conservation of Renewable Resources under Uncertainty," Journal of Economic Theory, Elsevier, vol. 95(2), pages 186-214, December.
    3. Rondeau, Daniel, 2001. "Along the Way Back from the Brink," Journal of Environmental Economics and Management, Elsevier, vol. 42(2), pages 156-182, September.
    4. Olson, Lars J. & Roy, Santanu, 2003. "The Economics Of Controlling A Biological Invasion," Working Papers 28591, University of Maryland, Department of Agricultural and Resource Economics.
    5. Koskela, Erkki & Ollikainen, Markku & Puhakka, Mikko, 2002. "Renewable Resources in an Overlapping Generations Economy Without Capital," Journal of Environmental Economics and Management, Elsevier, vol. 43(3), pages 497-517, May.
    6. Kamihigashi, Takashi & Roy, Santanu, 2007. "A nonsmooth, nonconvex model of optimal growth," Journal of Economic Theory, Elsevier, vol. 132(1), pages 435-460, January.
    7. Lars J. Olson & Santanu Roy, 2006. "Theory of Stochastic Optimal Economic Growth," Springer Books, in: Rose-Anne Dana & Cuong Le Van & Tapan Mitra & Kazuo Nishimura (ed.), Handbook on Optimal Growth 1, chapter 11, pages 297-335, Springer.
    8. Tahvonen, Olli, 2009. "Economics of harvesting age-structured fish populations," Journal of Environmental Economics and Management, Elsevier, vol. 58(3), pages 281-299, November.
    9. Di Vita, Giuseppe, 2006. "Natural resources dynamics: Exhaustible and renewable resources, and the rate of technical substitution," Resources Policy, Elsevier, vol. 31(3), pages 172-182, September.
    10. Wirl, Franz, 2002. "Stability and limit cycles in competitive equilibria subject to adjustment costs and dynamic spillovers," Journal of Economic Dynamics and Control, Elsevier, vol. 26(3), pages 375-398, March.
    11. Gardner Brown, 2000. "Renewable Natural Resource Management and Use Without Markets," Working Papers 0025, University of Washington, Department of Economics.
    12. Gardner M. Brown, 2000. "Renewable Natural Resource Management and Use without Markets," Journal of Economic Literature, American Economic Association, vol. 38(4), pages 875-914, December.
    13. Hoekstra, Jeljer & van den Bergh, Jeroen C.J.M., 2005. "Harvesting and conservation in a predator-prey system," Journal of Economic Dynamics and Control, Elsevier, vol. 29(6), pages 1097-1120, June.
    14. Lars Olson & Santanu Roy, 2008. "Controlling a biological invasion: a non-classical dynamic economic model," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 36(3), pages 453-469, September.
    15. Hyun Park & Apostolis Philippopoulos, 2016. "Environmental Ramsey Policy and Sustainable Balanced Growth," Review of Development Economics, Wiley Blackwell, vol. 20(2), pages 488-501, May.
    16. Giuseppe Di Vita, 2004. "Natural Resources Dynamics: Another Look," Working Papers 2004.110, Fondazione Eni Enrico Mattei.
    17. repec:grz:wpaper:2014-07 is not listed on IDEAS
    18. Bulte, Erwin H. & Horan, Richard D., 2003. "Habitat conservation, wildlife extraction and agricultural expansion," Journal of Environmental Economics and Management, Elsevier, vol. 45(1), pages 109-127, January.
    19. Santanu Roy, 2010. "On sustained economic growth with wealth effects," International Journal of Economic Theory, The International Society for Economic Theory, vol. 6(1), pages 29-45, March.
    20. repec:grz:wpaper:2014-08 is not listed on IDEAS
    21. Horan, Richard D. & Bulte, Erwin H., 2001. "Resource Or Nuisance? Managing African Elephants As A Multi-Use Species," 2001 Annual meeting, August 5-8, Chicago, IL 20440, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    22. Piazza, Adriana & Roy, Santanu, 2015. "Deforestation and optimal management," Journal of Economic Dynamics and Control, Elsevier, vol. 53(C), pages 15-27.

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