Optimal Management of a Renewable and Replaceable Resource: The Case of Coastal Groundwater
将不可再生资源与替代品的经典管理模型扩展到可再生资源，并以沿海地下水为例，分析了最优管理路径中效率价格的构成，发现即使达到替代品价格后，抽水成本仍保持高位。
Abstract The nonrenewable‐with‐backstop model of resource management is extended to cover renewables and applied to the case of coastal groundwater. In the optimal management trajectory, efficiency price exceeds extraction cost by the sum of scarcity rent and “drawdown” cost, the latter remaining large even after the backstop price is reached. In the case of rising demand, optimal management may call for a stage of conservation followed by a stage of drawdown.