This research develops a multiregional optimal control model that incorporates regional allocation of a public budget for controlling invasive plants when regionally differential recreation demand functions and species control costs are present. Our equimarginal condition for optimal budget...

Public policy for managing invasive species has largely focused on preventive measures prior to detection (stage 1) and on the use of chemical/mechanical or biological control measures after the establishment and dispersion of the invasive species (stage 2). Optimal management policy depends...

In this paper we examine the issue of permanence in the context of sequestering carbon through afforestation. We develop a dynamic nested optimal control model of carbon sequestration associated with the decision to afforest a tract of land given there are uncertainties associated with fire and...

This paper provides a theoretical analysis of the common-pool resource dilemma in extracting nonrenewable groundwater resources when water demand is perfectly inelastic. It complements the existing theory of groundwater use, which assumes away the possibility of demand perfect inelasticity....