The present value of resources with large discount rates (Q678106)
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scientific article; zbMATH DE number 1000213
| Language | Label | Description | Also known as |
|---|---|---|---|
| English | The present value of resources with large discount rates |
scientific article; zbMATH DE number 1000213 |
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The present value of resources with large discount rates (English)
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22 January 1998
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The authors have described a method to detect limit cycles for optimal control problems in the plane. This method has been applied to two specific examples from resource management: a taxation problem and an exploited system of predator-prey interaction which show that the limit cycles may grow as the discount rates decrease. The relation of the established results to theorems in optimal growth theory has also been discussed.
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variation of discount rates
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conservation of resources
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limit cycles
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optimal control
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resource management
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predator-prey interaction
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