Dynamic Efficiency of Conservation of Renewable Resources under Uncertainty
نویسندگان
چکیده
منابع مشابه
Dynamic Efficiency of Conservation of Renewable Resources under Uncertainty
We examine the efficiency of conservation of a renewable resource whose natural productivity is influenced by random environmental disturbances. We allow for non-concave biological production and stock-dependent social welfare. Unlike deterministic models, conservation may be inefficient no matter how productive the resource growth function is. In addition, improvements in the natural productiv...
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ژورنال
عنوان ژورنال: Journal of Economic Theory
سال: 2000
ISSN: 0022-0531
DOI: 10.1006/jeth.2000.2685