Time Restrictions in Natural Resource Management: A Dynamic and Stochastic Analysis

21 Pages Posted: 17 Apr 2003

See all articles by Amitrajeet A. Batabyal

Amitrajeet A. Batabyal

Rochester Institute of Technology (RIT) - Department of Economics

Hamid Beladi

University of Texas at San Antonio - College of Business - Department of Economics

Multiple version iconThere are 2 versions of this paper

Date Written: 2003

Abstract

This paper provides a theoretical analysis of time restrictions in the context of natural resource management in North America. The economic inefficiencies arising from the use of time restrictions to protect natural resources have been well documented by researchers. We first show that in the presence of uncertainty about the evolution of the resource stock, time restrictions can lead to the collapse of the resource that is sought to be protected. Given this finding, in the second part of the paper, we discuss an approach to natural resource management under uncertainty in which time restrictions are used to maximize the likelihood that a particular resource will not collapse in the long run.

Keywords: Management, Natural Resources, Time Restrictions, Uncertainty

JEL Classification: Q20, D81

Suggested Citation

Batabyal, Amitrajeet A. and Beladi, Hamid, Time Restrictions in Natural Resource Management: A Dynamic and Stochastic Analysis (2003). Available at SSRN: https://ssrn.com/abstract=396000 or http://dx.doi.org/10.2139/ssrn.396000

Amitrajeet A. Batabyal (Contact Author)

Rochester Institute of Technology (RIT) - Department of Economics ( email )

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Hamid Beladi

University of Texas at San Antonio - College of Business - Department of Economics ( email )

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San Antonio, TX 78249
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