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DC Field | Value | Language |
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dc.contributor.author | Mañó Cabello, Carles | - |
dc.contributor.author | Marín Solano, Jesús | - |
dc.contributor.author | Navas, Jorge | - |
dc.date.accessioned | 2022-02-01T07:16:23Z | - |
dc.date.available | 2022-02-01T07:16:23Z | - |
dc.date.issued | 2021-09-01 | - |
dc.identifier.issn | 2227-7390 | - |
dc.identifier.uri | http://hdl.handle.net/2445/182827 | - |
dc.description.abstract | 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 technology, and a cost must be paid at the switching time. Although the problem is formulated for a general discount function, special attention is devoted to models with nonconstant discounting and heterogeneous discounting. The problem is solved by transforming it into a problem in a finite horizon and free terminal time. The corresponding dynamic programming equations are presented, and conditions for the derivation of the switching time by decision makers with different degrees of sophistication are studied. A resource extraction model with technology adoption is solved in detail. Effects of the adoption of different discount functions are illustrated numerically. | - |
dc.format.extent | 23 p. | - |
dc.format.mimetype | application/pdf | - |
dc.language.iso | eng | - |
dc.publisher | MDPI | - |
dc.relation.isformatof | Reproducció del document publicat a: https://doi.org/10.3390/math9182205 | - |
dc.relation.ispartof | Mathematics, 2021, vol. 9, num. 2205, p. 1-23 | - |
dc.relation.uri | https://doi.org/10.3390/math9182205 | - |
dc.rights | cc-by (c) Mañó Cabello, Carles et al., 2021 | - |
dc.rights.uri | https://creativecommons.org/licenses/by/4.0/ | - |
dc.source | Articles publicats en revistes (Matemàtica Econòmica, Financera i Actuarial) | - |
dc.subject.classification | Anàlisi matemàtica | - |
dc.subject.classification | Gestió de recursos naturals | - |
dc.subject.classification | Innovacions tecnològiques | - |
dc.subject.other | Mathematical analysis | - |
dc.subject.other | Management of natural resources | - |
dc.subject.other | Technological innovations | - |
dc.title | A Resource Extraction Model with Technology Adoption under Time Inconsistent Preferences | - |
dc.type | info:eu-repo/semantics/article | - |
dc.type | info:eu-repo/semantics/publishedVersion | - |
dc.identifier.idgrec | 717519 | - |
dc.date.updated | 2022-02-01T07:16:23Z | - |
dc.rights.accessRights | info:eu-repo/semantics/openAccess | - |
Appears in Collections: | Articles publicats en revistes (Matemàtica Econòmica, Financera i Actuarial) |
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717519.pdf | 907.27 kB | Adobe PDF | View/Open |
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