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- W6064172 abstract "Publisher Summary This chapter explains Herfindahl's problem in the context of renewable resources. For the sake of explanation, assume that there are two deposits of an exhaustible but renewable resource from both of which society can extract the resource. After extraction, the resource is consumable but perishable, which implies that the rates of extraction and consumption are the same. The deposits differ both in initial extent and in extraction cost. The society seeks to maximize the present value of the utility derived from the consumption of the resource. It is suboptimal to exhaust one deposit before tackling the next unless the rate of time preference is extremely high compared with marginal reproductivity. The social utility is a function of both the rate of consumption of the resource and the rate of consumption of leisure. In contrast to Herfindahl's finding, the deposit that is extracted first depends on the extent of the initial deposits as well as the relative costs of extraction." @default.
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- W6064172 date "1984-01-01" @default.
- W6064172 modified "2023-09-23" @default.
- W6064172 title "The optimal order of exploitation of deposits of a renewable resource" @default.
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- W6064172 doi "https://doi.org/10.1016/b978-0-444-86791-9.50010-1" @default.
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