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Environmental And Resource Management Under Myopia, Tomoki Fujii
Environmental And Resource Management Under Myopia, Tomoki Fujii
Research Collection School Of Economics
Myopia is important in environmental and resource management problems because they often involve intertemporal decisions over a long time horizon. We present a parsimonious extension of standard dynamic programming equation in a continuous time and continuous state setting, which enables rich description of myopic behavior. In our model, the process of planning future controls and choosing current control are clearly distinguished. We Illustrate the behavior of various types of myopic agents with a simple example of non-renewable resource extraction, and discuss the policy relevance of the expiry of extraction permits to resource management under Myopia.
Green Revolutions And Miracle Economies: Agricultural Innovation, Trade And Growth, Brishti Guha
Green Revolutions And Miracle Economies: Agricultural Innovation, Trade And Growth, Brishti Guha
Research Collection School Of Economics
The purpose of this paper is to develop a simple model of an economy in which growth is driven by a combination of exogenous technical change in agriculture and a rising world demand for labor-intensive manufactured exports. We explore the relative roles of an exogenous agricultural productivity shock and rising export demand in a model with two traded industrial goods and a non-traded agricultural good, food. When the non-traded sector uses a specific factor, we show that technical change in agriculture may be the key to factor migration into industry, in particular driving intersectoral labor migration. A key assumption is …