Numerical Analysis of Non-Constant Discounting with an Application to Renewable Resource Management
The possibility of non-constant discounting is important in environmental and resource management problems where current decisions affect welfare in the far-distant future, as with climate change. The difficulty of analyzing models with non-constant discounting limits their application. We describe...
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2006
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sg-smu-ink.soe_research-19182010-09-23T05:48:03Z Numerical Analysis of Non-Constant Discounting with an Application to Renewable Resource Management FUJII, Tomoki The possibility of non-constant discounting is important in environmental and resource management problems where current decisions affect welfare in the far-distant future, as with climate change. The difficulty of analyzing models with non-constant discounting limits their application. We describe and provide software to implement an algorithm to numerically obtain a Markov Perfect Equilibrium for an optimal control problem with non-constant discounting. The software is available online. We illustrate the approach by studying welfare and observational equivalence for a particular renewable resource management problem. 2006-03-07T08:00:00Z text https://ink.library.smu.edu.sg/soe_research/919 Research Collection School Of Economics eng Institutional Knowledge at Singapore Management University Econometrics |
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English |
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Econometrics |
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Econometrics FUJII, Tomoki Numerical Analysis of Non-Constant Discounting with an Application to Renewable Resource Management |
| description |
The possibility of non-constant discounting is important in environmental and resource management problems where current decisions affect welfare in the far-distant future, as with climate change. The difficulty of analyzing models with non-constant discounting limits their application. We describe and provide software to implement an algorithm to numerically obtain a Markov Perfect Equilibrium for an optimal control problem with non-constant discounting. The software is available online. We illustrate the approach by studying welfare and observational equivalence for a particular renewable resource management problem. |
| format |
text |
| author |
FUJII, Tomoki |
| author_facet |
FUJII, Tomoki |
| author_sort |
FUJII, Tomoki |
| title |
Numerical Analysis of Non-Constant Discounting with an Application to Renewable Resource Management |
| title_short |
Numerical Analysis of Non-Constant Discounting with an Application to Renewable Resource Management |
| title_full |
Numerical Analysis of Non-Constant Discounting with an Application to Renewable Resource Management |
| title_fullStr |
Numerical Analysis of Non-Constant Discounting with an Application to Renewable Resource Management |
| title_full_unstemmed |
Numerical Analysis of Non-Constant Discounting with an Application to Renewable Resource Management |
| title_sort |
numerical analysis of non-constant discounting with an application to renewable resource management |
| publisher |
Institutional Knowledge at Singapore Management University |
| publishDate |
2006 |
| url |
https://ink.library.smu.edu.sg/soe_research/919 |
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1770569340136980480 |