Arbeitspapier
Stock-dependent uncertainty and optimal resource exploitation
The probability that an agent takes a certain action or a certain event occurs depends often on the actions taken by some agents. If this probability depends not only on current actions but on the sum of all past actions, these stock-dependent risks imply an intertemporal effect. In the present paper, we analyse this problem using an example concerning the exploitation of a non-renewable, exhaustible common-pool resource. The paper discusses resource extraction policies under endogenous closure risks which depend on the accumulated stock of extracted resources. It turns out that the optimal time path of resource extractions requires a tax rate which surmounts both the no-risk and second-best tax which tackles the problem by a mere evaluation of the expected exhaustibility stock:
- Language
-
Englisch
- Bibliographic citation
-
Year: 1996 ; Kiel: Institut für Weltwirtschaft (IfW)
- Classification
-
Wirtschaft
- Subject
-
Ressourcenökonomik
Erschöpfbare Ressourcen
Allmenderessource
Risiko
Umweltabgabe
Optimale Besteuerung
Theorie
- Event
-
Geistige Schöpfung
- (who)
-
Stähler, Frank
Michaelis, Peter
- Event
-
Veröffentlichung
- (who)
-
Kiel Institute of World Economics (IfW)
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften, Leibniz-Informationszentrum Wirtschaft
- (where)
-
Kiel
- (when)
-
1996
- Handle
- Last update
-
10.03.2025, 11:43 AM CET
Data provider
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Stähler, Frank
- Michaelis, Peter
- Kiel Institute of World Economics (IfW)
- ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften, Leibniz-Informationszentrum Wirtschaft
Time of origin
- 1996
Other Objects (12)
Stock-dependent uncertainty and optimal resource exploitation
Optimal stockpiling policies for resource-dependent economies
Optimal stockpiling policies for resource-dependent economies
Optimal stockpiling policies for resource-dependent economies
Optimal harvesting under resource stock and price uncertainty
War and natural resource exploitation
Mechanisms of nutritional resource exploitation by insects
International law on Antarctic mineral resource exploitation
Digging deep: Resource exploitation and higher education
Optimal decisions under uncertainty
Does productive capital affect the order of resource exploitation?
The Optimal Exploitation of an Unknown Reserve
Stock-dependent uncertainty and optimal resource exploitation
Optimal stockpiling policies for resource-dependent economies
Optimal stockpiling policies for resource-dependent economies
Optimal stockpiling policies for resource-dependent economies
Optimal harvesting under resource stock and price uncertainty
War and natural resource exploitation
Mechanisms of nutritional resource exploitation by insects
International law on Antarctic mineral resource exploitation
Digging deep: Resource exploitation and higher education
Optimal decisions under uncertainty
Does productive capital affect the order of resource exploitation?
The Optimal Exploitation of an Unknown Reserve
Stock-dependent uncertainty and optimal resource exploitation
Optimal stockpiling policies for resource-dependent economies
Optimal stockpiling policies for resource-dependent economies
Optimal stockpiling policies for resource-dependent economies
Optimal harvesting under resource stock and price uncertainty
War and natural resource exploitation
Mechanisms of nutritional resource exploitation by insects
International law on Antarctic mineral resource exploitation
Digging deep: Resource exploitation and higher education
Optimal decisions under uncertainty
Does productive capital affect the order of resource exploitation?