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Dynamical Methods Applied in Natural Resource Economics

Journal of Economics and Political Economy

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Title Dynamical Methods Applied in Natural Resource Economics
 
Creator HALKOS, George E.; Laboratory of Operations Research
Department of Economics, University of Thessaly, Volos, Greece
PAPAGEORGIOU, George J.; Laboratory of Operations Research
Department of Economics, University of Thessaly, Volos, Greece
 
Subject Optimal control; Differential games; Renewable resources; Environnemental and Resource Economies.
C61; C62; D43; Q0; Q2; Q20; Q50; Q52; Q53.
 
Description Abstract. This paper presents, in brief, the fundamentals of optimal control theory together with some notes for differential games, which is the game theoretic analogue of the optimal control. As it is recommended by literature references the main tool of analysis in open loop information structure for environmental models is the Pontryagin’s Maximum Principle, while the Hamilton–Jacobi–Bellman equation is the tool of analysis for any closed loop informational structure. As applications of the above theoretic considerations we present some environmental economic models which are solved both as optimal control problems and as differential games as well.Keywords. Optimal control; Differential games; Renewable resources; Environnemental and Resource Economies.JEL. C61; C62; D43; Q0; Q2; Q20; Q50; Q52; Q53.
 
Publisher Journal of Economics and Political Economy
Journal of Economics and Political Economy
 
Contributor —
 
Date 2016-03-18
 
Type info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
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Format application/pdf
 
Identifier http://www.kspjournals.org/index.php/JEPE/article/view/663
10.1453/jepe.v3i1.663
 
Source Journal of Economics and Political Economy; Vol 3, No 1 (2016): March; 12-31
Journal of Economics and Political Economy; Vol 3, No 1 (2016): March; 12-31
2148-8347
 
Language eng
 
Relation http://www.kspjournals.org/index.php/JEPE/article/view/663/689
 
Rights Copyright (c) 2016 Journal of Economics and Political Economy
http://creativecommons.org/licenses/by-nc/4.0