Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/168079
Authors: 
Kaniovski, Serguei
Year of Publication: 
2017
Series/Report no.: 
Beiträge zur Jahrestagung des Vereins für Socialpolitik 2017: Alternative Geld- und Finanzarchitekturen - Session: Growth G08-V4
Abstract: 
The paper offers a complete analysis of the welfare-maximizing capital investment and resource depletion policies in the DHSS model with capital depreciation and any returns to scale. We establish a general existence result and show that an optimal admissible policy may not exist if the output elasticity of the resource equals one. We characterize the optimal policies by applying an appropriate version of the Pontryagin maximum principle for infinite-horizon optimal control problems.
JEL: 
C61
O38
Q01
Q56
Document Type: 
Conference Paper

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