Optimal management of renewable resources with growing demand and stock externalities |
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Authors: | Peter Berck |
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Institution: | Department of Agricultural and Resource Economics, University of California, Berkeley, California 94720 USA |
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Abstract: | In an equilibrium framework, optimal management of renewable resources in the presence of growing demand or externalities leads to steady states that differ from those characterized by rate of interest equals rate of change in growth plus rate of change in prices. Measures to reach an optimum with externalities other than direct controls are found to be critically mediated by the costs of harvesting. |
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