Environmental and Resource Management under Myopia

• Main Author: FUJII, Tomoki
• Format: text
• Language: English
• Published: Institutional Knowledge at Singapore Management University 2006
• Subjects: non-constant discounting; resource management; myopia; time-consistency; observational equivalence; Agricultural and Resource Economics
• Online Access: https://ink.library.smu.edu.sg/soe_research/943; https://ink.library.smu.edu.sg/context/soe_research/article/1942/viewcontent/hotelling_ncd.pdf
• Institution: Singapore Management University

Myopia is important in environmental and resource management problems because they often involve intertemporal decisions over a long time horizon. We present a parsimonious extension of standard dynamic programming equation in a continuous time and continuous state setting, which enables rich descri...