International Journal of Mathematics and Mathematical Sciences
Volume 18 (1995), Issue 3, Pages 617-620
doi:10.1155/S0161171295000780
On the determination of optimal time horizon in a control problem in natural resource economics
Ramesh C. Kumar
and Fadle M. Naqib
Department of Economics, University of Waterloo, Ontario, Waterloo N2L 3G1, Canada
Abstract
This paper is concerned with issues relating to the determination of optimal time horizon in a typical control problem of optimal extraction of an exhaustible natural resource. The paper extends the recent Highfill-McAsey results to cover all strictly concave utility functions.