The optimal control of emissions and renewable resource harvesting under uncertainty

J. Rolf Olsen, James Samuel Shortle

Research output: Contribution to journalArticle

14 Citations (Scopus)

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

Fingerprint

renewable resource
Pollution
pollution
resource
stochasticity
Random processes
Probability distributions
Uncertainty
Resources
Optimal control
Renewable resources

All Science Journal Classification (ASJC) codes

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

Cite this

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The optimal control of emissions and renewable resource harvesting under uncertainty. / Olsen, J. Rolf; Shortle, James Samuel.

In: Environmental and Resource Economics, Vol. 7, No. 2, 01.01.1996, p. 97-115.

Research output: Contribution to journalArticle

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