STOCK UNCERTAINTY IN RENEWABLE RESOURCE THEORY: THE EXPLOITATION OF AQUIFERS OF UNKNOWN SIZE

Yacov Tsur

No 14208, Staff Papers from University of Minnesota, Department of Applied Economics

Abstract: The theory of stock uncertainty in the utilization of exhaustible resources is extended to renewable groundwater resources. A complete characterization of the exploitation process is presented, paying special attention to the formulation of the trasversality conditions. Exploration activities are incorporated and fit smoothly within the framework of analysis. Extensions to other renewable situations are outlined.

Keywords: Resource/Energy; Economics; and; Policy (search for similar items in EconPapers)
Pages: 32
Date: 1992
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Persistent link: https://EconPapers.repec.org/RePEc:ags:umaesp:14208

DOI: 10.22004/ag.econ.14208

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