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Time-consistent ren...
Time-consistent renewable resource management with present bias and regime shifts
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Arvaniti, Maria (författare)
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- B. Krishnamurthy, Chandra Kiran, 1977- (författare)
- Swedish University of Agricultural Sciences,Sveriges lantbruksuniversitet,Umeå universitet,Centrum för miljö- och naturresursekonomi (CERE),Department of Forest Economics, Swedish University of Agricultural Sciences, Umeå, Sweden,Institutionen för skogsekonomi
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- Crépin, Anne-Sophie (författare)
- Stockholms universitet,Stockholm Resilience Centre,The Royal Swedish Academy of Sciences, Sweden
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(creator_code:org_t)
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- Elsevier, 2023
- 2023
- Engelska.
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Ingår i: Journal of Economic Behavior and Organization. - : Elsevier. - 0167-2681 .- 1879-1751. ; 207, s. 479-495
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Abstract
Ämnesord
Stäng
- We investigate the extraction plan of present-biased decision makers managing a renew-able resource stock whose growth is uncertain and which could undergo a rapid and sig-nificant change when stock falls below a threshold. We show that the Markov-Nash equi-librium extraction policy is unique, time consistent, and increasing in resource stock. An increase in the threshold leads to increased resource extraction, rather than the precau-tionary reduction in extraction often observed with exponential discounting. An increase in the degree of present bias also leads to an increase in resource extraction. Our analy-sis suggests that accounting for and appropriately dealing with resource managers' present bias may be important to understand resource use sustainability.
Ämnesord
- SAMHÄLLSVETENSKAP -- Ekonomi och näringsliv -- Nationalekonomi (hsv//swe)
- SOCIAL SCIENCES -- Economics and Business -- Economics (hsv//eng)
- SAMHÄLLSVETENSKAP -- Ekonomi och näringsliv (hsv//swe)
- SOCIAL SCIENCES -- Economics and Business (hsv//eng)
Nyckelord
- Renewable resources
- Regime shifts
- Hyperbolic discounting
- Present bias
- Uncertainty
- Markov equilibrium
Publikations- och innehållstyp
- ref (ämneskategori)
- art (ämneskategori)
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