On conservation of renewable resources with stock-dependent return and nonconcave production
成果类型：
Article
署名作者：
Olson, LJ; Roy, S
署名单位：
Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam
刊物名称：
JOURNAL OF ECONOMIC THEORY
ISSN/ISSBN：
0022-0531
DOI：
10.1006/jeth.1996.0079
发表日期：
1996
页码：
133-157
关键词：
摘要：
This paper analyzes conservation and extinction of renewable resources when the production function is nonconcave and the return function depends on consumption and the resource stock. The paper focuses on the efficiency of global conservation, a safe standard of conservation, and extinction. Which outcome obtains depends on the marginal rate of substitution between investment and the stock in addition to the discount Factor and the marginal productivity of the resource. Conservation may be efficient even if the discounted intrinsic growth rate of toe resource is less than 1. Journal of Economic Literature Classification Numbers: D90, Q20. (C) 1996 Academic Frass, Inc.
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