Optimising R and D expenditure in the development of resource substitutes1 |
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| Authors: | Partha Dasgupta Geoffrey Heal Anand Pant |
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| Institution: | Department of Economics, The London School of Economics, Kingsway, London WC1, UK;School of Social Science, University of Sussex, Falmer, Brighton BN1 9QM, UK;Department of Electrical Engineering, University of Roorkee (U.P.), India |
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| Abstract: | This paper derives analytical and numerical solutions to a model of the optimal allocation of national economic resources between consumption, investment, and research and development. The research and development activity is a stochastic process which may produce a substitute for an exhaustible but currently essential natural resource. We investigate how the optimal policy varies with the parameters of the economy, and with the specification of the stochastic R and D process. |
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