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Renewable resource management with a backstop substitute and nonautonomous prices

Authors
Journal
Journal of Environmental Economics and Management
0095-0696
Publisher
Elsevier
Publication Date
Volume
14
Issue
2
Identifiers
DOI: 10.1016/0095-0696(87)90014-3

Abstract

Abstract Policies for managing a renewable resource in the presence of a backstop substitute are analyzed. Conditions for renewable and backstop resources to be “relevant” are discussed. The extinction issue, the role of myopic decision rules and the optimality of singular arc policies are examined with nonautonomous prices.

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