{"id":124610,"date":"2024-01-23T09:09:28","date_gmt":"2024-01-23T08:09:28","guid":{"rendered":"https:\/\/www.wifo.ac.at\/publication\/124610\/"},"modified":"2024-11-07T05:36:23","modified_gmt":"2024-11-07T04:36:23","slug":"the-optimal-use-of-exhaustible-resources-under-non-constant-returns-to-scale","status":"publish","type":"publication","link":"https:\/\/www.wifo.ac.at\/en\/publication\/124610\/","title":{"rendered":"The Optimal Use of Exhaustible Resources Under Non-constant Returns to Scale"},"content":{"rendered":"","protected":false},"featured_media":0,"template":"","class_list":["post-124610","publication","type-publication","status-publish","hentry"],"acf":{"subtitle":"","text":"The paper offers a complete analysis of the welfare-maximising capital investment and resource depletion policies in the Dasgupta-Heal-Solow-Stiglitz (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 1. We characterise the optimal policies by applying an appropriate version of the Pontryagin maximum principle for infinite-horizon optimal control problems. We conclude the paper with an economic interpretation and a discussion of the welfare-maximising policies.","onlinedate":"2016-10-04 12:00:00","lang":"English","publication_series":"","publication_date":"20161001","publication_date_year":"","publication_date_full":false,"publication_num_pages":"48","keywords":"[]","jelcodes":"[]","related_publications":"[]","pdf":365489,"zip":null,"link":"","monthly_report":true,"monthly_report_main":false,"monthly_report_volume":"","monthly_report_pages":"","monthly_report_pages_sort":"0","issue":"525","journal":"WIFO Working Papers","publisher":"","invisible":false,"external":false,"embargo_date":"2016-10-04 12:00:00","types":[44410],"research_groups":[3500],"collaboration":"","persons":[15383,13405,3641],"persons_data":"[{\"personId\":15383,\"personName\":\"Sergey Aseev\",\"organisationNames\":[]},{\"personId\":13405,\"personName\":\"Konstantin Besov\",\"organisationNames\":[]},{\"personId\":3641,\"personName\":\"Serguei Kaniovski\",\"organisationNames\":[]}]","clients":[],"subclients":[],"partners":[],"topics":[],"host_publication_title":"","host_publication_subtitle":"","place_of_publication":"","host_publication_editors":"[]","type_description":"","output_media":"","chapter":"","article_number":"","citations":"{\"apa\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_apa rendering_contributiontoperiodical rendering_apa rendering_contributiontoperiodical_apa\\\">Aseev, S., Besov, K.<span>, &amp; Kaniovski, S.<\\\/span> (2016). <span>The Optimal Use of Exhaustible Resources Under Non-constant Returns to Scale<\\\/span>. <span><em>WIFO Working Papers<\\\/em><\\\/span>, (525). <a onclick=\\\"window.open(this.href, '_blank','noopener,noreferrer'); return false;\\\" href=\\\"https:\\\/\\\/www.wifo.ac.at\\\/wwa\\\/pubid\\\/59048\\\" class=\\\"link\\\"><span>https:\\\/\\\/www.wifo.ac.at\\\/wwa\\\/pubid\\\/59048<\\\/span><\\\/a><\\\/div>\",\"vancouver\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_vancouver rendering_contributiontoperiodical rendering_vancouver rendering_contributiontoperiodical_vancouver\\\">Aseev S, Besov K<span>, Kaniovski S<\\\/span>. <span class=\\\"title\\\"><span>The Optimal Use of Exhaustible Resources Under Non-constant Returns to Scale<\\\/span><\\\/span>. <span>WIFO Working Papers<\\\/span>. 2016 Oct;(525).<\\\/div>\",\"bibtex\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_bibtex rendering_contributiontoperiodical rendering_bibtex rendering_contributiontoperiodical_bibtex\\\"><div>@misc{9ce458bcd82546bdbac5e15390b4611d,<\\\/div><div>  title    = \\\"The Optimal Use of Exhaustible Resources Under Non-constant Returns to Scale\\\",<\\\/div><div>  abstract = \\\"The paper offers a complete analysis of the welfare-maximising capital investment and resource depletion policies in the Dasgupta-Heal-Solow-Stiglitz (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 1. We characterise the optimal policies by applying an appropriate version of the Pontryagin maximum principle for infinite-horizon optimal control problems. We conclude the paper with an economic interpretation and a discussion of the welfare-maximising policies.\\\",<\\\/div><div>  keywords = \\\"optimal growth, non-constant returns to scale, exhaustible resources\\\",<\\\/div><div>  author   = \\\"Sergey Aseev and Konstantin Besov and Serguei Kaniovski\\\",<\\\/div><div>  note     = \\\"The Optimal Use of Exhaustible Resources\\\",<\\\/div><div>  year     = \\\"2016\\\",<\\\/div><div>  month    = oct,<\\\/div><div>  language = \\\"English\\\",<\\\/div><div>  journal  = \\\"WIFO Working Papers\\\",<\\\/div><p>}<\\\/p><\\\/div>\",\"ris\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_ris rendering_contributiontoperiodical rendering_ris rendering_contributiontoperiodical_ris\\\"><p>TY  - GEN<\\\/p><p>T1  - The Optimal Use of Exhaustible Resources Under Non-constant Returns to Scale<\\\/p><p>AU  - Aseev, Sergey<\\\/p><p>AU  - Besov, Konstantin<\\\/p><p>AU  - Kaniovski, Serguei<\\\/p><p>N1  - The Optimal Use of Exhaustible Resources<\\\/p><p>PY  - 2016\\\/10<\\\/p><p>Y1  - 2016\\\/10<\\\/p><p>N2  - The paper offers a complete analysis of the welfare-maximising capital investment and resource depletion policies in the Dasgupta-Heal-Solow-Stiglitz (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 1. We characterise the optimal policies by applying an appropriate version of the Pontryagin maximum principle for infinite-horizon optimal control problems. We conclude the paper with an economic interpretation and a discussion of the welfare-maximising policies.<\\\/p><p>AB  - The paper offers a complete analysis of the welfare-maximising capital investment and resource depletion policies in the Dasgupta-Heal-Solow-Stiglitz (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 1. We characterise the optimal policies by applying an appropriate version of the Pontryagin maximum principle for infinite-horizon optimal control problems. We conclude the paper with an economic interpretation and a discussion of the welfare-maximising policies.<\\\/p><p>KW  - optimal growth<\\\/p><p>KW  -  non-constant returns to scale<\\\/p><p>KW  -  exhaustible resources<\\\/p><p>M3  - WIFO series<\\\/p><p>JO  - WIFO Working Papers<\\\/p><p>JF  - WIFO Working Papers<\\\/p><p>ER  - <\\\/p><\\\/div>\"}","scientific_assistance":"[]","scientific_review":"[]","version":"","release_date":null,"expiration_date":null,"surveyor":"","research_assistance":"","edv":"","additional_info_de":"","additional_info_en":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>The Optimal Use of Exhaustible Resources Under Non-constant Returns to Scale - WIFO<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.wifo.ac.at\/en\/publication\/124610\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Optimal Use of Exhaustible Resources Under Non-constant Returns to Scale\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.wifo.ac.at\/en\/publication\/124610\/\" \/>\n<meta property=\"og:site_name\" content=\"WIFO\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/WIFOat\/\" \/>\n<meta property=\"article:modified_time\" content=\"2024-11-07T04:36:23+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.wifo.ac.at\/wp-content\/uploads\/2024\/05\/WIFO-Gebaeude-FotoAlexanderMueller-www.alexandermueller.at-IMG_6326-Bearbeitet-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1920\" \/>\n\t<meta property=\"og:image:height\" content=\"1280\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:site\" content=\"@WIFOat\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.wifo.ac.at\\\/en\\\/publication\\\/124610\\\/\",\"url\":\"https:\\\/\\\/www.wifo.ac.at\\\/en\\\/publication\\\/124610\\\/\",\"name\":\"The Optimal Use of Exhaustible Resources Under Non-constant Returns to Scale - 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