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We translate Hotelling's continuous-time, exhaustible resource extraction Model of 1931 into a linear program of present value extraction cost minimization subject to a stock endowment and period by period demand constraints. The appropriate form of the demand constraints allows for resource...
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We develop a simple model of managing a system subject to pollution damage under risk of an abrupt and random jump in …. -- environmental pollution ; optimal management ; catastrophic transitions ; uncertainty ; adaptation ; mitigation …
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