On the Choice of the Optimal Temporal Control in Renewable Resource Management
16 Pages Posted: 11 Dec 2001
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On the Choice of the Optimal Temporal Control in Renewable Resource Management
On the Choice of the Optimal Temporal Control in Renewable Resource Management
Abstract
This paper addresses the following hitherto unstudied question in renewable resource management: How should a resource manager set the temporal control optimally for renewable resources such as rangelands and fisheries that are managed with spatial and temporal controls? We use a dynamic and stochastic framework to first derive the resource manager's long run average net cost function. We then demonstrate how the temporal control can be chosen to minimize this objective function.
Keywords: Optimal Management, Renewable Resource, Spatial Control, Temporal Control
JEL Classification: Q29, D81
Suggested Citation: Suggested Citation
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