The paper focuses on the optimal control of natural resources in mining industry. The purpose is to pro- pose an optimal extraction series of these resources during the lifetime of the Mine＇s maintenance. Fol- lowing...The paper focuses on the optimal control of natural resources in mining industry. The purpose is to pro- pose an optimal extraction series of these resources during the lifetime of the Mine＇s maintenance. Fol- lowing the proposed optimal control model, a sensitivity analysis has been performed that includes the interest rate impact on the optimal solution. This study shows that the increasing of the interest rate sti- mulates faster extraction of the resources. The discounting factor induces that the resource has to be extracted faster hut this effect is counterbalanced by the diminishing returns of the annual cash flow. At higher parameters of ＂alpha＂ close to one of the power function about 80% from the whole resource will be extracted during the first 4 years of object/mine maintenance. An existence of unique positive root with respect to return of investment has been proposed and proved by two ways： by the ＂method of chords＂ and by using specialized software.展开更多
Based on international comparison,this paper finds that the excessively low share of property income is a main cause for the low share of resident income in national income in China.During the past two decades,the ave...Based on international comparison,this paper finds that the excessively low share of property income is a main cause for the low share of resident income in national income in China.During the past two decades,the average share of resident income in the primary distribution of national income in China is 25.32% and 16.76%,the share of property income is 15.62% and 3.36% and the share of labor remuneration is 12.84% and 12.77%,which are all lower than that of the United States and Japan respectively.Structural decomposition of national income distribution in China,the United States and Japan indicates that excessively low return on investment(ROI)of is the primary cause for excessively low property income in China.Contrary to economic logic,ROI in China has been lower than that in the United States and Japan where capital is more adequate for the past decade.After all,the excessively low real interest rate due to interest rate control is the primary cause for excessively low property income in China,while the lack of financial products caused by financial market access restrictions also restrains the growth of property income in China.展开更多
文摘The paper focuses on the optimal control of natural resources in mining industry. The purpose is to pro- pose an optimal extraction series of these resources during the lifetime of the Mine＇s maintenance. Fol- lowing the proposed optimal control model, a sensitivity analysis has been performed that includes the interest rate impact on the optimal solution. This study shows that the increasing of the interest rate sti- mulates faster extraction of the resources. The discounting factor induces that the resource has to be extracted faster hut this effect is counterbalanced by the diminishing returns of the annual cash flow. At higher parameters of ＂alpha＂ close to one of the power function about 80% from the whole resource will be extracted during the first 4 years of object/mine maintenance. An existence of unique positive root with respect to return of investment has been proposed and proved by two ways： by the ＂method of chords＂ and by using specialized software.
文摘Based on international comparison,this paper finds that the excessively low share of property income is a main cause for the low share of resident income in national income in China.During the past two decades,the average share of resident income in the primary distribution of national income in China is 25.32% and 16.76%,the share of property income is 15.62% and 3.36% and the share of labor remuneration is 12.84% and 12.77%,which are all lower than that of the United States and Japan respectively.Structural decomposition of national income distribution in China,the United States and Japan indicates that excessively low return on investment(ROI)of is the primary cause for excessively low property income in China.Contrary to economic logic,ROI in China has been lower than that in the United States and Japan where capital is more adequate for the past decade.After all,the excessively low real interest rate due to interest rate control is the primary cause for excessively low property income in China,while the lack of financial products caused by financial market access restrictions also restrains the growth of property income in China.
