Optimal recycling of minerals can be thought of as an integral part of the theory of the mine. In this paper, we consider the role that wastewater recycling plays in the optimal extraction of groundwater, a renewable resource. We develop a two-sector dynamic optimization model to solve for the...

We review the economics perspective on sustainable resource use and sustainable development. Under standard conditions, dynamic efficiency leads to sustainability of renewable resources but not the other way around. For the economic‐ecological system as a whole, dynamic efficiency and...

Examination of the literature of the heroin problem in the United States Reveals that there has been scant attention paid to the type of property crime specialized in by addicts or to the marketing network of addict-stolen goods. This paper begins to remedy both neglects by focusing on...

To meet the growing demand for freshwater, many regions have increased pumping of groundwater in recent years, resulting in declining groundwater levels worldwide. A promising development is technical change regarding groundwater substitutes such as desalination and wastewater recycling....

An internal solution to an optimal control problem involving conjunctive-use of surface and groundwater may be inapplicable if water is not sufficiently fungible across space and time. We provide a more general solution and apply it to the problem of allocating a limited amount of water from the...

Managing water resources independently may result in substantial economic losses when those resources are interdependent with each other and with other environmental resources. We first develop general principles for using resources with spillovers, including corrective taxes (subsidies) for...