 DYNAMIC OPTIMIZATION IN NATURAL RESOURCES MANAGEMENTGeorge Halkos and George Papageorgiou () Journal of Advanced Research in Management, 2010, vol. 1, issue 2, 92-97 Abstract: Dynamic modeling is general and recently the most interesting perspective to solve a dynamic economic problem based on Pontryagin s maximum principle Moreover traditional economic theory up to the middle of twentieth century builds up the production functions regardless the inputs scarcity Nowadays it is clear that both the inputs are depletable quantities and a lot of constraints are imposed in their usage in order to ensure economic sustainability For example the input oil used in the production is a non renewable resource so it can be exhausted In a same way every biomass resides in ecosystems is a resource that can be used in a generalized production function for capital accumulation purposes but the latter resource is a renewable one The purpose of this paper is the presentation of some natural resources dynamic models in order to extract the optimal trajectories of the state and control variables for the optimal control economic problem We show how methods of infinite horizon optimal control theory developed for natural resources models Date: 2010 There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it. Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:srs:jemt00:v:1:y:2010:i:2:p:92-97 Access Statistics for this article Journal of Advanced Research in Management is currently edited by Ramona PIRVU More articles in Journal of Advanced Research in Management from ASERS Publishing |
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