Preservation and exogenous uncertain future preferences |
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Authors: | Alain Ayong Le Kama |
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Institution: | Commissariat général du Plan and EUREQua, Université de Paris I, Maison des Sciences Economiques, 106–112 bd de l'H?pital, 75647 Paris Cedex 13, FRANCE (e-mail: adayong@asterix.univ-paris1.fr), FR
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Abstract: | Summary. We extend the Beltratti, Chichilnisky and Heal's (1993) and (1998) continuous-time stochastic dynamic framework to analyze
the optimal depletion of an asset whose consumption is irreversible, in the face of uncertainty about future preferences.
Their model is rather general and so the results are general qualitative theorems. We show that in some interesting cases
it is possible to solve their model analytically. The cases involve constant elasticity utility functions and the assumption
of a Poisson process for the evolution of preferences.
Received: September 13, 1999; revised version: November 23, 1999 |
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Keywords: | and Phrases:Preservation of natural resources Uncertainty Preferences |
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