## Natural Resource Economics: Notes and ProblemsIn this book, Jon Conrad and Colin Clark develop the theory of resource economics. |

### What people are saying - Write a review

We haven't found any reviews in the usual places.

### Contents

Resource allocation and optimization | 1 |

no constraints | 2 |

equality constraints | 3 |

113 Lagrange multipliers | 6 |

114 Economic interpretation | 8 |

115 Static optimization with inequality constraints | 11 |

12 An extension of the method of Lagrange multipliers to dynamic allocation problems | 13 |

13 Dynamic programming | 22 |

210 Problems | 97 |

Nonrenewable resources | 117 |

the case of a single mine | 123 |

a more detailed analysis | 127 |

323 The social optimum with N firms | 129 |

33 Scarcity from an economic perspective | 130 |

34 Exploration | 131 |

35 Problems | 135 |

14 Continuoustime problems and the maximum principle | 25 |

15 Discounting | 31 |

16 Some numerical and graphical techniques | 40 |

162 Newtons method | 41 |

163 Eigenvalues | 45 |

164 Eigenvectors | 48 |

165 Numerical solution of differential equations | 49 |

166 Computation of separatrices | 52 |

17 Problems | 56 |

Renewable resources | 62 |

22 Production and yield functions | 64 |

23 Objectives of management | 70 |

231 Constant prices | 72 |

24 Optimal steady state and approach dynamics | 73 |

241 Constant prices | 74 |

242 Downward sloping demand | 77 |

25 Spawnerrecruit models | 78 |

26 Optimal investment strategy | 81 |

27 Commonproperty resources | 88 |

271 Overcapacity | 90 |

28 The theory of resource regulation | 92 |

29 Optimal forest rotation | 96 |

Environmental management | 146 |

42 Static externality | 147 |

43 Dynamic externality | 157 |

the case of fixed proportions | 158 |

432 Optimal treatment and discharge | 159 |

433 Resource depletion and residual accumulation | 161 |

a model of residual transport | 165 |

45 Problems | 170 |

Stochastic resource models | 176 |

51 Stochastic dynamic programming | 178 |

52 A Spawnerrecruit model | 182 |

521 Risk aversion | 188 |

522 Other types of fluctuation | 189 |

523 Imperfect state information | 191 |

54 Groundwater management with stochastic recharge | 194 |

55 Learning Bayesian updating and search | 197 |

56 Fishing as a search problem | 202 |

57 Irreversible development | 209 |

58 Problems | 214 |

225 | |

229 | |

### Common terms and phrases

accumulated algorithm allocation Answer assume assumption catch competitive compute concave consider constant constraint continuous-time control variable cost current value Hamiltonian curve damage define denote depletion difference equation discount rate discrete-time disposal dynamic optimization dynamic programming effort eigenvectors estimate example expression extraction firm fisherman fishery fishing given growth function horizon problem implies inputs isoclines isosectors isosurface Lagrange multipliers Lagrangian linear logistic LPRINT marginal maximize maximum principle MRAP Newton's method nonlinear Note numerical objective obtain optimal escapement optimal harvest optimization problem order conditions order necessary conditions period phase plane Phase plane diagram present value price p(t probability production function random variable rational expectations REM PROGRAM renewable resource residual resource economics resource stock result revenue saddle point Section separatrices shadow price singular solution solve steady stochastic stock level Suppose tion tons tons/day vessels whale Xt+l yield zero