Title

Economic Planning and Uncertainty in Renewable Resources

Document Type

Contribution to Book

Language

eng

Publication Date

1991

Publisher

Springer

Source Publication

Dynamic Games in Economic Analysis

Source ISSN

978-3-540-47096-0

Abstract

This work is intended to be a first step in analyzing optimal harvesting policies under the assumption of uncertainty about the time of extinction. In general, we find the expected result that a higher hazard rate results in more vigorous harvesting. When we allow the hazard rate to depend only on time, it is shown that changing beliefs about the survival rates of the resource may account for the nonmonotonic behavior which is often observed.

Comments

"Economic Planning and Uncertainty in Renewable Resources" in Dynamic Games in Economic Analysis. Eds. Ralmo Pertti Hämäläinen and Harri Kalevi Ehtamo. Berlin: Springer, 1991: 102-111. DOI.

Linda Salchenberger was affiliated with Loyola University Chicago at the time of publication.

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