Stochastic Optimal Economic Growth Model with Natural Resources

摘要

The paper examines an economic growth problem how social planners reasonably open up and retain natural resources. The objective is to maximize the total expected discounted utility of comsumption. Social planners’ optimal decision and optimal expected rates at the steady state are derived. At last, how productivity and productivity shock affect on the expected growth rate, consumption-resources ratio and the fraction of exploited resources, are analyzed.