International Journal of Mathematics and Mathematical Sciences
Volume 18 (1995), Issue 3, Pages 617-620
doi:10.1155/S0161171295000780

On the determination of optimal time horizon in a control problem in natural resource economics

Ramesh C. Kumar and Fadle M. Naqib

Department of Economics, University of Waterloo, Ontario, Waterloo N2L 3G1, Canada

Received 20 August 1993; Revised 18 December 1993

Copyright © 1995 Ramesh C. Kumar and Fadle M. Naqib. This is an open access article distributed under the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.

Abstract

This paper is concerned with issues relating to the determination of optimal time horizon in a typical control problem of optimal extraction of an exhaustible natural resource. The paper extends the recent Highfill-McAsey results to cover all strictly concave utility functions.