On conservation of renewable resources with stock-dependent return and nonconcave production
Article Abstract:
Conservation or extinction of renewable resources is efficient despite a higher discount rate than the natural growth rate of the species. This is true only if the stock effect on returns is strong. In contrast to stock-independent models, demand and cost may play a major role in determining the future of optimally managed resources. This implies that possible extinction of optimally managed resources may be less of a concern.
Publication Name: Journal of Economic Theory
Subject: Economics
ISSN: 0022-0531
Year: 1996
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Optimal inventory policies when the demand distribution is not known
Article Abstract:
Research into the stochastic inventory control problem when the demand distribution is unknown is presented. This work has produced results on time-dependent policies under learning that include fixed order costs and are the same as those obtained when the distribution is known.
Publication Name: Journal of Economic Theory
Subject: Economics
ISSN: 0022-0531
Year: 2001
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Dynamic efficiency of conservation of renewable resources under uncertainty
Article Abstract:
The efficiency of conservation is examined in respect of renewable resources and the influence of the environment on natural productivity. The efficiency of conservation under the worst possible conditions are considered.
Publication Name: Journal of Economic Theory
Subject: Economics
ISSN: 0022-0531
Year: 2000
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