Singular Optimal Control Model of Stock-Dependent Environmental Policies

Katrin Erdlenbruch and Mabel Tidball ()

Journal of Optimization Theory and Applications, 2006, vol. 131, issue 1, No 5, 69-88

Abstract: Abstract In many countries, forest policies consist of a system of various regulations, taxes, and subsidies. In this article, we focus on those policies that regulate selective harvesting and study the example of Central Africa. We use a deterministic singular optimal control model of renewable resources to assess these policies with respect to a first best situation which integrates a social surplus or externality function. In particular, in contrast to earlier articles, we analyze a stock dependent tax, for which the objective function is piecewise differentiable. We use a theorem proposed by Hartl and Feichtinger to solve the mathematical problem. We show that this tax is the most flexible instrument with respect to fund collection.

Keywords: Singular optimal control; environmental taxation; renewable resource economics; stock dependency (search for similar items in EconPapers)
Date: 2006
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DOI: 10.1007/s10957-006-9130-8

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