On Conservation of Renewable Resources with Stock-Dependent Return and Nonconcave Production
分析当生产函数非凹且回报函数依赖于消费和资源存量时，可再生资源的保护与灭绝问题，探讨全球保护效率和安全保护标准，发现即使资源贴现内在增长率小于1，保护也可能是有效的。
This paper analyzes conservation and extinction of renewable resources when the production function is nonconcave and the return function depends on consumption and the resource stock. The paper focuses on the efficiency of global conservation, a safe standard of conservation, and extinction. Which outcome obtains depends on the marginal rate of substitution between investment and the stock in addition to the discount factor and the marginal productivity of the resource. Conservation may be efficient even if the discounted intrinsic growth rate of the resource is less than 1.Journal of Economic LiteratureClassification Numbers: D90, Q20.