A Resource Extraction Model with Technology Adoption under Time Inconsistent Preferences

A Resource Extraction Model with Technology Adoption under Time Inconsistent Preferences

A two-stage non-standard optimal control problem with time inconsistent preferences is studied. In an infinite horizon setting, a time consistent (sophisticated) decision maker chooses the time of switching between two consecutive regimes. The second regime corresponds to the implementation of a new...

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Bibliographic Details
Main Authors: Carles Mañó-Cabello, Jesús Marín-Solano, Jorge Navas
Format: Article
Language:English
Published: MDPI AG 2021-09-01
Series:Mathematics
Subjects:
resource management
regime shift
switching time
non-constant discounting
heterogeneous discounting
Online Access:https://www.mdpi.com/2227-7390/9/18/2205

Internet

https://www.mdpi.com/2227-7390/9/18/2205

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