An optimal control problem in economics

[摘要] The first problem in the economics of natural resources is to find the rate atwhich to extract the resource in order to optimize its value when there are no extractioncosts. It is shown that the existence of an optimal extraction path is not guaranteed by autility function that is merely (strictly) concave, but that the additional requirement of“asymptotic nonlinearity” will assure the existence of the desired optimum.

[学科分类] 数学（综合）