Abstract
In the previous chapters on the models of firms we used STELLA to find the profit-maximizing input and output quantities at a point in time. We ran the models over time as if the firm were able to “feel its way towards the optimum.” Similarly, the auction game was assumed to take place over time, but the decision making itself did not take into account the time over which the decision is made. In contrast to these models, we now turn our attention to the problem of finding an optimal path through time. Specifically, we are interested in how much of a resource to extract at each point in time over the lifetime of a finite, nonrenewable resource.
For the Poorerfort, . . . Horfe-dung in Balls with Saw-duft, or the du/t of Smalcoale, or Charcoale duft, dryed, is good Fewell, but the fmell is offenfive.
Richard Gesling, Ingineer, Artificiall Fire, or Coale for Rich ana Poor, A Recipe for Making Briquettes, 1644. British Museum, 669, f. 10(11)
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Preview
Unable to display preview. Download preview PDF.
Author information
Authors and Affiliations
Rights and permissions
Copyright information
© 1997 Springer-Verlag New York, Inc.
About this chapter
Cite this chapter
Ruth, M., Hannon, B. (1997). Competitive Scarcity. In: Modeling Dynamic Economic Systems. Modeling Dynamic Systems. Springer, New York, NY. https://doi.org/10.1007/978-1-4612-2268-2_16
Download citation
DOI: https://doi.org/10.1007/978-1-4612-2268-2_16
Publisher Name: Springer, New York, NY
Print ISBN: 978-1-4612-7480-3
Online ISBN: 978-1-4612-2268-2
eBook Packages: Springer Book Archive