On the economically optimal exploitation of a renewable resource: The case of a convex environment and a convex return function
成果类型：
Article
署名作者：
Dawid, H; Kopel, M
署名单位：
Technische Universitat Wien; Cornell University
刊物名称：
JOURNAL OF ECONOMIC THEORY
ISSN/ISSBN：
0022-0531
DOI：
10.1006/jeth.1997.2305
发表日期：
1997
页码：
272-297
关键词：
摘要：
We investigate optimal policies for the exploitation of a renewable resource subject to a concave growth function and a convex return function. We prove an important result on the elasticity of the objective function and apply it to give a characterization of the optimal harvesting paths in this class of models. In particular, we derive conditions such that all optimal programs converge to a fixed point or to a cycle of finite period, and hence result in the conservation of the resource. We also show which assumptions guarantee that extinction of the stock is optimal. That nonconvex preferences or technologies cause problems for economic theory is well-known. As our model can formally be interpreted as an optimal growth model with nonconcave utility function, our results are a further contribution on the dynamics of optimal paths in the general class of economic models with nonconcavities. (C) 1997 Academic Press.