Natural Resource Economics: Notes and ProblemsIn this book, Jon Conrad and Colin Clark develop the theory of resource economics. |
Contents
Resource allocation and optimization | 5 |
no constraints | 5 |
equality constraints | 5 |
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 assume assumption C₁ C₂ catch compute concave consider constant constraint continuous-time cost current value Hamiltonian curve damage define denote depletion difference equation discount rate discrete-time disposal dynamic programming economic effort eigenvectors equilibrium example expected expression extraction Figure firm fishermen fishery fishing given growth function horizon problem implies initial inputs isosectors isosurface Lagrange multipliers Lagrangian linear LPRINT marginal maximize maximum principle MRAP N₁ Newton's method Note numerical obtain optimal escapement optimal harvest optimization problem order conditions order necessary conditions parameter path period phase plane present value production function R₁ R₂ random variable rational expectations renewable resource residual resource economics resource stock result revenue Rt+1 saddle point Section separatrices shadow price singular solution solve steady stochastic stock level t₁ tons vessels whale X₁ Xt+1 Y₁ Y₂ yield Z₁ zero ай