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The effect of small intervention costs on the optimal extraction of dividends and renewable resources in a jump-diffusion model

Framstad, Nils Chr. - 2014 - This version November 27, 2014

A risk-neutral agent optimizes extraction of dividends or renewable natural resources modelled by a jump-diffusion stock process, where the optimal strategy is characterized as the minimal intervention required to keep the stock process inside a given region. The introduction of a small fixed...

Persistent link: https://www.econbiz.de/10010436722

Harvesting a Remote Renewable Resource

Upmann, Thorsten - 2018

In standard models of spatial harvesting, the resource is distributed over the complete domain and the agent is able to control the harvesting activity everywhere all the time. In some cases though, it is more realistic to assume that the resource is located at a single point in space and that...

Persistent link: https://www.econbiz.de/10012930805

Optimal Harvesting of a Spatial Renewable Resource

Behringer, Stefan - 2015

In this paper we investigate optimal harvesting of a renewable natural resource. While in the standard approach the resource is located at a single point in space we allow for the resource to be distributed over the plane. Consequently, an agent who exploits the resource has to travel from one...

Persistent link: https://www.econbiz.de/10013036168

Integrating biodiversity indices into a multi-species optimal control model

Bertram, Christine - 2010

Biodiversity is often adversely affected by human activities. This reduces social welfare but may be external to private economic decisions. Consequently, these external effects on biodiversity need to be considered explicitly in economic models, which is only partly reflected in the literature....

Persistent link: https://www.econbiz.de/10008699606

Time-consistent resource management with regime shifts

Arvaniti, Maria; Krishnamurthy, Chandra K.; Crépin, … - 2019

We investigate how a resource user who is present-biased manages a renewable resource stock with variable growth that could undergo a reversible regime shift (an abrupt, persistent change in structure and function of the ecosystem supplying the resource). In a discrete-time quasihyperbolic...

Persistent link: https://www.econbiz.de/10012138111

Natural resources, economic growth and geography

González-Val, Rafael; Pueyo, Fernando - 2018

In this paper we discuss the relationship between economic growth and natural resources at a global level, taking into account geography. With this aim, our model integrates elements of the theories of endogenous growth, natural resources and new economic geography. We find that an increase in...

Persistent link: https://www.econbiz.de/10011873113

Should we sustain? : and if so, sustain what? ; consumption or the quality of life?

Llavador, Humberto G.; Roemer, John E.; Silvestre, Joaquim - 2012

Sustainability has been largely replaced by discounted utilitarianism in contemporary climate-change economics. Our … approach rejuvenates sustainability by expanding the conception of the quality of life, along the lines of the UN Human … substituting consumption for the quality of life. Our sustainability results carry over. As it should be expected, optimal …

Persistent link: https://www.econbiz.de/10009686597

Saddles, indeterminacy and bifurcations in an overlapping generations economy with a renewable resource

Koskela, Erkki; Ollikainen, Markku; Puhakka, Mikko - 2000

We incorporate a renewable resource into an overlapping generations model with standard, well-behaved utility and constant returns to scale production functions. Besides being a factor of production the resource serves as a store of value. We characterize dynamics, efficiency and stability of...

Persistent link: https://www.econbiz.de/10009781575

Nudging behaviors in a dynamic common pool renewable resource experiment

Djiguemde, Murielle; Dadakpete, David; Dubois, Dimitri; … - 2024

Persistent link: https://www.econbiz.de/10014529042

Information Structure and the Tragedy of the Commons in Resource Extraction

Amir, Rabah - 2007

most pronounced version of the tragedy of the commons. History-dependent behavior yields an outcome set that is …

Persistent link: https://www.econbiz.de/10012730644