Abstract
Based on the observations of worldwide declining economic activity in periods of strongly rising (energy) resource prices a model of a resource dependent economy is formulated and analyzed. Using discrete dynamic programming its optimal investment policy maximizing discounted consumption is calculated explicitly. Beyond that we investigate how the economy optimally reacts to changes of the resource situation.
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Eichhorn, W., Buhl, H.U. (1984). Optimal Growth Policies for Resource-Dependent Open Economies. In: Hammer, G., Pallaschke, D. (eds) Selected Topics in Operations Research and Mathematical Economics. Lecture Notes in Economics and Mathematical Systems, vol 226. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-642-45567-4_12
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DOI: https://doi.org/10.1007/978-3-642-45567-4_12
Publisher Name: Springer, Berlin, Heidelberg
Print ISBN: 978-3-540-12918-9
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