Abstract
We present a model of exploitation of a common property resource when agents can also invest in private and productive capital. The resource extracted from a common pool is non-renewable, but the resource stock is under uncertainty in the sense that the stock might follow jump process. We show that there exists an optimal solution in the model.
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References
Kushner, H.J., and Dupuis, P.G. Numerical Methods for Stochastic Control Problems in Continuous Time. Springer, New York, 1992.
Long, N.V., and Katayama S. Common property resource and capital accumulation. In: G. Zaccour (eds), Optimal Control and Differential Games, pp.193–209, Kluwer Academic Publishers, Boston/Dordrecht/London, 2002.
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Fujisaki, M., Katayama, S., Ohta, H. (2005). Common Property Resource and Private Capital Accumulation with Random Jump. In: Deissenberg, C., Hartl, R.F. (eds) Optimal Control and Dynamic Games. Advances in Computational Management Science, vol 7. Springer, Boston, MA. https://doi.org/10.1007/0-387-25805-1_5
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DOI: https://doi.org/10.1007/0-387-25805-1_5
Publisher Name: Springer, Boston, MA
Print ISBN: 978-0-387-25804-1
Online ISBN: 978-0-387-25805-8
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