?url_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Adc&rft.relation=https%3A%2F%2Fpure.iiasa.ac.at%2Fid%2Feprint%2F13877%2F&rft.title=The+Optimal+Use+of+Exhaustible+Resources+Under+Non-constant+Returns+to+Scale&rft.creator=Aseev%2C+S.&rft.creator=Besov%2C+K.&rft.creator=Kaniovski%2C+S.&rft.description=The+paper+offers+a+complete+analysis+of+the+welfare-maximising+capital+investment+and+resource+depletion+policies+in+the+Dasgupta-Heal-Solow-Stiglitz+(DHSS)+model+with+capital+depreciation+and+any+returns+to+scale.+We+establish+a+general+existence+result+and+show+that+an+optimal+admissible+policy+may+not+exist+if+the+output+elasticity+of+the+resource+equals+1.+We+characterise+the+optimal+policies+by+applying+an+appropriate+version+of+the+Pontryagin+maximum+principle+for+infinite-horizon+optimal+control+problems.+We+conclude+the+paper+with+an+economic+interpretation+and+a+discussion+of+the+welfaremaximising%0D%0Apolicies.&rft.publisher=%C3%96sterreichisches+Institut+f%C3%BCr+Wirtschaftsforschung&rft.date=2016-10-03&rft.type=Other&rft.type=NonPeerReviewed&rft.format=text&rft.language=en&rft.identifier=https%3A%2F%2Fpure.iiasa.ac.at%2Fid%2Feprint%2F13877%2F1%2FAseev-Besov-Kaniovski-publication-WIFO.pdf&rft.identifier=++Aseev%2C+S.+%3Chttps%3A%2F%2Fpure.iiasa.ac.at%2Fview%2Fiiasa%2F19.html%3E%2C+Besov%2C+K.%2C+%26+Kaniovski%2C+S.++(2016).++The+Optimal+Use+of+Exhaustible+Resources+Under+Non-constant+Returns+to+Scale.++++%C3%96sterreichisches+Institut+f%C3%BCr+Wirtschaftsforschung+%2C+Vienna%2C+Austria.+++++&rft.relation=http%3A%2F%2Fwww.wifo.ac.at%2Fwwa%2Fpubid%2F59048