Optimal Planning with Exhaustible Resource

Dipak Basu and Victoria Miroshnik
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Dipak Basu: Nagasaki University

Chapter 2 in Dynamic Systems Modeling and Optimal Control, 2015, pp 33-53 from Palgrave Macmillan

Abstract: Abstract For a large number of countries, exhaustible natural resources are very essential inputs for domestic productions. These are also very important parts of the export earnings and import needs. From planning perspectives it is important to relate domestic investment planning to the external sector. The external sector imposes a constraint on the economy in the form of balance of payments, and in most cases the country concerned has very little influence on the terms of trade. However, it can regulate the volumes of exports and imports.

Keywords: Capital Stock; Marginal Productivity; Shadow Price; Optimal Planning; Dynamic System Modeling (search for similar items in EconPapers)
Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-50895-9_2

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DOI: 10.1057/9781137508959_2

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