eprintid: 13877
rev_number: 11
eprint_status: archive
userid: 5
dir: disk0/00/01/38/77
datestamp: 2016-10-13 13:48:28
lastmod: 2021-08-27 17:27:52
status_changed: 2016-10-13 13:48:28
type: other
metadata_visibility: show
item_issues_count: 2
creators_name: Aseev, S.
creators_name: Besov, K.
creators_name: Kaniovski, S.
creators_id: 6509
title: The Optimal Use of Exhaustible Resources Under Non-constant Returns to Scale
ispublished: pub
divisions: prog_asa
keywords: optimal growth, nonconstant returns to scale, exhaustible resources
abstract: 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
policies.
date: 2016-10-03
date_type: published
publisher: Österreichisches Institut für Wirtschaftsforschung
official_url: http://www.wifo.ac.at/wwa/pubid/59048
iiasa_bibref: WIFO Working Papers, No. 525
creators_browse_id: 19
full_text_status: public
place_of_pub: Vienna, Austria
pages: 48
coversheets_dirty: FALSE
fp7_type: info:eu-repo/semantics/other
citation:   Aseev, S. <https://pure.iiasa.ac.at/view/iiasa/19.html>, Besov, K., & Kaniovski, S.  (2016).  The Optimal Use of Exhaustible Resources Under Non-constant Returns to Scale.    Österreichisches Institut für Wirtschaftsforschung , Vienna, Austria.     
document_url: https://pure.iiasa.ac.at/id/eprint/13877/1/Aseev-Besov-Kaniovski-publication-WIFO.pdf