Optimal Exploitation of Renewable Resources under Uncertainty and the Extinction of Species

Tapan Mitra and Santanu Roy

Working Papers from Cornell University, Center for Analytic Economics

Abstract: Under a minimal set of assumptions, the paper identifies conditions on the transition function of a Markov process leading to the following three scenarios: extinction, conservation, and the existence of a safe standard of conservation. These conditions are used to obtain restrictions on a framework of optimal exploitation of a renewable resource, under which the above three scenarios would occur. The biological growth function is allowed to be non-concave, and is subject to a random environmental shock, thereby making the results suitable for applications in a wide variety of models in renewable resource management.

JEL-codes: D90 O11 O41 Q32 (search for similar items in EconPapers)
Date: 2003-08
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Citations: View citations in EconPapers (5)

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https://cae.economics.cornell.edu/MRExtinctionAug2003.pdf

Related works:
Journal Article: Optimal exploitation of renewable resources under uncertainty and the extinction of species (2006)
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Persistent link: https://EconPapers.repec.org/RePEc:ecl:corcae:03-10

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