ECON382 FALL 2016 FINAL

Posted by ECON爱好者 on December 11, 2016   econ382

ECON 382 Final Review Material

Nonrewable: mineral

Hotelling rule:

  • efficient:
  • competetive market:
  • monopoly:

Recycling

Energy

2 Fishery

Problem set 4

the Gordon-Schaefer model of an open access fishery.

$H(E)$ and $S(E)$ are all functions of Effort.

The most important point is to using Effort as the choice effort other than the H or Quantity.

The Open access optimal result is $P H(E) = TC = (w/P) E$ .

3 Forest resources

Definitions

Current annual increment (CAI) – year-to-year growth. We will measure growth in terms of volume (e.g., cubic feet).

Mean annual increment (MAI) – average growth; stand volume divided by stand age.

Culmination age – the age at which a 2mber stand reaches its highest MAI.

Rotation – the planned number of years between the forma2on of a tree crop or stand and its final cufng at a specified stage of maturity.

Hardwood – trees that produce seeds with some type of covering.

Softwood – trees that produce seeds with no covering; usually have needle- or scale-like leaves.

source

Juvenile phase (youth) - accelerating rate of growth.

Full vigour phase (maturity) - constant rate of growth

Senescent phase - decelerating rate of growth.

Problem set 4

Question 2

Maximum volumn

maximum amount of biological growth.

maximum average growth.

the Faustmann model

Discrete time and Continous time

optimal condition is

where $CAI = \frac{d S(t)}{d t}$

the Faustmann rule

MB of waiting = MC of waiting