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dc.contributor.authorBaker, W. R.
dc.date.accessioned2010-07-01T02:15:46Z
dc.date.available2010-07-01T02:15:46Z
dc.date.issued1988
dc.identifier.urihttps://hdl.handle.net/10182/2170
dc.description.abstractThe principles which guide non-renewable resource use are based partly on theoretical investigations of the consequences and the merits of use, which are both uncertain. Existing economic approaches to uncertainty do not correctly reflect a decision-maker's position in time. The power to determine future decisions is overstated, and a limited range of objectives can be investigated. These problems are addressed by developing a new approach to choice over long time periods. The approach is recursive: each of a sequence of decision-makers decides on the immediate action to take, given the expected consequences, among which are the future actions. Each decision-maker forecasts how future decisions will be made by forecasting what the future decision-makers' objectives and options will be. The resulting forecast actions are consistent: there is no foreseen reason why they will later need revision. Virtually any sequence of objectives can be investigated with the approach. Applying it to non-renewable resource use over three periods reveals that the optimal initial use: changes if future decision-makers use discount rates different from the first; changes if the future discount rates become uncertain; changes with a change in the time at which future technological improvements become known.en
dc.language.isoenen
dc.publisherLincoln College, University of Canterburyen
dc.rights.urihttps://researcharchive.lincoln.ac.nz/page/rights
dc.subjecteconomicen
dc.subjectdecision makingen
dc.subjectresourceen
dc.subjectnon-renewableen
dc.subjectdepletionen
dc.subjectdynamicen
dc.subjectmulti-stageen
dc.subjectconsistenten
dc.subjectrecursiveen
dc.subjectuncertaintyen
dc.subjectstrategyen
dc.titleConsistent dynamic choice, non-renewable resource use, and uncertaintyen
dc.typeThesisen
thesis.degree.grantorUniversity of Canterburyen
thesis.degree.levelDoctoralen
thesis.degree.nameDoctor of Philosophyen
lu.thesis.supervisorSharp, B. M. H.
lu.thesis.supervisorHaywood, J. A.
lu.contributor.unitDepartment of Environmental Managementen
dc.rights.accessRightsDigital thesis can be viewed by current staff and students of Lincoln University only. Print copy available for reading in Lincoln University Library. May be available through inter-library loan.en
dc.subject.anzsrc140205 Environment and Resource Economicsen


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