A generic age-structured model is developed to derive analytical results on optimal harvesting. Given two age classes, knife-edge selectivity, and no stock-dependent harvesting cost, the steady state is a unique saddle point. Adding harvesting cost does not alter the uniqueness, given that the...

This paper introduces endogenous technological change in a Hotelling-Herfindahl model of natural resource use to study the recent developments in the U.S. natural gas industry. We consider optimal forward-looking technology investments, and study implications for the order of extraction of...

We study how society's preferences affect the resilience of economies that depend on more than one type of natural resource. In particular, we analyze whether the degree of complementarity of natural resources in consumer preferences may give rise to multiple steady states and path dependence...