Econometrica: Jul 1975, Volume 43, Issue 4
Optimal Cropping of Self-Reproducible Natural Resources
C. M. K. Watts, John R. Beddington, W. D. C. WrightModels of the behavior of populations of self-reproducible natural resources in an economic framework have rarely anticipated the consequences of different forms of production functions. This paper investigates sufficient conditions for extinction in a very general model as well as a model having a specific production function. In the second section additional considerations relating to extinction are deduced as well as the existence of a watershed level of population. These conclusions are exemplified using data from one particular population of red deer.
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