Many important problems in agricultural and natural resource economics concern an intertemporal choice between alternate dynamic systems. This significance has motivated a theoretical literature generalizing the necessary conditions of Optimal Control Theory to multiple-phase problems. However,...

Many important economic problems concern an intertemporal choice between alternate dynamical systems. One example is determining the optimal management of alternative production technologies. This significance has motivated a substantial theoretical literature generalising the necessary...

Exploitation frequently reduces the mean age of a fish population, particularly where a lack of property rights stimulates producers to ignore the user cost of harvest. The authors demonstrate that harvesting a young fish bears a significant efficiency cost when the multiple benefits accruing to...