Numerical Analysis of Non-Constant Discounting with an Application to Renewable Resource Management
| dc.creator | Fujii, Tomoki | |
| dc.creator | Karp, Larry S. | |
| dc.date | 2017-04-01T20:08:44Z | |
| dc.date.accessioned | 2026-07-09T02:49:50Z | |
| dc.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. | |
| dc.identifier | doi:10.22004/ag.econ.7199 | |
| dc.identifier | https://ageconsearch.umn.edu/record/7199/files/wp061019.pdf | |
| dc.identifier | http://ageconsearch.umn.edu/record/7199 | |
| dc.identifier.uri | http://hdl.handle.net/123456789/520923 | |
| dc.language | eng | |
| dc.publisher | ||
| dc.source | http://ageconsearch.umn.edu/record/7199 | |
| dc.title | Numerical Analysis of Non-Constant Discounting with an Application to Renewable Resource Management | |
| dc.type | Text |