Dynamical Methods Applied in Natural Resource Economics

George Halkos and George Papageorgiou

Journal of Economics and Political Economy, 2016, vol. 3, issue 1, 12-31

Abstract: This paper presents, in brief, the fundamentals of optimal control theory together with some notes for differential games, which is the game theoretic analogue of the optimal control. As it is recommended by literature references the main tool of analysis in open loop information structure for environmental models is the Pontryagin’s Maximum Principle, while the Hamilton–Jacobi–Bellman equation is the tool of analysis for any closed loop informational structure. As applications of the above theoretic considerations we present some environmental economic models which are solved both as optimal control problems and as differential games as well.

Keywords: Optimal control, Differential games, Renewable resources; ,Environnemental and Resource Economies. (search for similar items in EconPapers)
JEL-codes: C61 C62 D43 Q00 Q20 Q50 Q52 Q53 (search for similar items in EconPapers)
Date: 2016
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

Downloads: (external link)
http://www.kspjournals.org/index.php/JEPE/article/download/663/689 (application/pdf)
http://www.kspjournals.org/index.php/JEPE/article/view/663 (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:ksp:journ1:v:3:y:2016:i:1:p:12-31

Access Statistics for this article

Journal of Economics and Political Economy is currently edited by Bilal KARGI

More articles in Journal of Economics and Political Economy from KSP Journals Istanbul, Turkey.
Bibliographic data for series maintained by Bilal KARGI ( this e-mail address is bad, please contact ).