The optimal control of emissions and renewable resource harvesting under uncertainty

J. Rolf Olsen, James S. Shortle

Research output: Contribution to journalArticle

14 Scopus citations

Abstract

A model of a renewable resource is developed where the growth and quality of the resource are reduced by pollution. Ambient pollution concentrations and the renewable resource stock are modeled as stochastic processes. Conditions for the optimal harvest plan and the optimal emissions rate are derived. The effect of stochastic variations on the optimal management of the resource is analyzed. The steady-state joint probability distribution of the resource and pollution stocks is shown to exist under certain conditions.

Original languageEnglish (US)
Pages (from-to)97-115
Number of pages19
JournalEnvironmental and Resource Economics
Volume7
Issue number2
DOIs
StatePublished - Jan 1 1996

All Science Journal Classification (ASJC) codes

  • Economics and Econometrics
  • Management, Monitoring, Policy and Law

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