Solving ecological management problems using dynamic programming

L. Grüne, M. Kato, W. Semmler: Solving ecological management problems using dynamic programming
Journal of Economic Behavior & Organization 57, 448 - 473, 2005

Smart-Link: http://www.elsevier.com/locate/issn/01672681
DOI: 10.1016/j.jebo.2005.04.002
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Abstract:

This paper is an extension of the work by Brock and Starret (1999) on an ecological management problem. They detect the existence of multiple equilibria, given the ecological behavior of relevant natural resources, in an economy of individuals who have conflicting interests concerning the state of ecology. We study the global dynamics and its policy implication using the associated Hamilton-Jacobi-Bellman equation and numerical dynamic programming.

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