There are few papers in the literature focusing on the issue of the optimal depletion of exhaustible resources in the framework of variable time preference. This paper attempts to analyze the pure consumption of exhau...There are few papers in the literature focusing on the issue of the optimal depletion of exhaustible resources in the framework of variable time preference. This paper attempts to analyze the pure consumption of exhaustible resource under hy- perbolic time preference, and to discuss the optimal depletion rate and the effect of the protection of the exhaustible resource under different commitment abilities. The results of model show that the case of the hyperbolic discount with the full commitment of the govemment is equivalent to the case of constant discount of the social planner problem. In that case, the optimal depletion rate and the initial consumption of exhaustible resource are the slowest. On the contrary, they are the highest and the myopic behaviors lead to excessive consumption of exhaustible resources inevitably without commitment. Otherwise, in the case of partial commit- ment, the results are between the cases of full commitment and of no commitment. Therefore, with the hyperbolic time preference, the optimal depletion rate of resource depends on the commitment ability. Higher commitment ability leads to lower effective rate of time preference, and consequently, lower depletion rate and lower initial depletion value. The improvement of commitment ability can decrease the impatience and myopia behaviors, and contribute to the protection of the exhaustible resources.展开更多
The resource advantage of resourceful region has made the region develop very fast. However because the resource is of exhausting character, this means that the region has hidden troubles of economic depression. The p...The resource advantage of resourceful region has made the region develop very fast. However because the resource is of exhausting character, this means that the region has hidden troubles of economic depression. The paper analyzes the formation of resourceful region and the law of resourceful regions economic development, and then the paper brings forward that the resourceful region has a potential danger of economic depression. Considering Chinas economic development practice, the paper puts forward a basic way of thinking. That is: we must attach importance to the problem of industrial structure when we pay attention to existing resource advantage in order to avoid the simplification of regional industrial structure and to avoid entering a vicious cycle.展开更多
This paper considers a problem of optimal preventive maintenance and replacement schedule of equipment devoted to extracting resources from known deposits. Typical examples are oil drills, mine shovels, etc. At most o...This paper considers a problem of optimal preventive maintenance and replacement schedule of equipment devoted to extracting resources from known deposits. Typical examples are oil drills, mine shovels, etc. At most one replacement of the existing machinery by a new one is allowed. The problem is formulated as an optimal control problem subject to the state constraint that the remaining deposit at any given time is nonnegative. We show that the optimal preventive maintenance, production rates, and the replacement and salvage times of the existing machinery and the new one, if required, can be obtained by solving sequentially a series of free-end-point optimal control problems. Moreover, an algorithm based on this result is developed and used to solve two illustrative examples.展开更多
基金Funding of Humanities and Social Science Fundation of Education Ministry (Grant No.11YJC790308)
文摘There are few papers in the literature focusing on the issue of the optimal depletion of exhaustible resources in the framework of variable time preference. This paper attempts to analyze the pure consumption of exhaustible resource under hy- perbolic time preference, and to discuss the optimal depletion rate and the effect of the protection of the exhaustible resource under different commitment abilities. The results of model show that the case of the hyperbolic discount with the full commitment of the govemment is equivalent to the case of constant discount of the social planner problem. In that case, the optimal depletion rate and the initial consumption of exhaustible resource are the slowest. On the contrary, they are the highest and the myopic behaviors lead to excessive consumption of exhaustible resources inevitably without commitment. Otherwise, in the case of partial commit- ment, the results are between the cases of full commitment and of no commitment. Therefore, with the hyperbolic time preference, the optimal depletion rate of resource depends on the commitment ability. Higher commitment ability leads to lower effective rate of time preference, and consequently, lower depletion rate and lower initial depletion value. The improvement of commitment ability can decrease the impatience and myopia behaviors, and contribute to the protection of the exhaustible resources.
文摘The resource advantage of resourceful region has made the region develop very fast. However because the resource is of exhausting character, this means that the region has hidden troubles of economic depression. The paper analyzes the formation of resourceful region and the law of resourceful regions economic development, and then the paper brings forward that the resourceful region has a potential danger of economic depression. Considering Chinas economic development practice, the paper puts forward a basic way of thinking. That is: we must attach importance to the problem of industrial structure when we pay attention to existing resource advantage in order to avoid the simplification of regional industrial structure and to avoid entering a vicious cycle.
基金sponsored by NSERC and NSFC under Grant No.70771118 and 70371030.
文摘This paper considers a problem of optimal preventive maintenance and replacement schedule of equipment devoted to extracting resources from known deposits. Typical examples are oil drills, mine shovels, etc. At most one replacement of the existing machinery by a new one is allowed. The problem is formulated as an optimal control problem subject to the state constraint that the remaining deposit at any given time is nonnegative. We show that the optimal preventive maintenance, production rates, and the replacement and salvage times of the existing machinery and the new one, if required, can be obtained by solving sequentially a series of free-end-point optimal control problems. Moreover, an algorithm based on this result is developed and used to solve two illustrative examples.
