Titlebook: Classic Papers in Natural Resource Economics; Chennat Gopalakrishnan (Professor) Book 2000 Palgrave Macmillan, a division of Macmillan Pub

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Uncertainty and the Evaluation of Public Investment Decisionsivate capital markets, investors do not choose investments to maximize the present value of expected returns, but to maximize the present value of returns properly adjusted for risk. The issue is whether it is appropriate to discount public investments in the same way as private investments.

Functional

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Economics of Production from Natural Resources. A model of centralized management, with particular reference to “common property” resources, such as fisheries, under stationary conditions, is also discussed and compared with competitive recovery in the stationary state.

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section represents a major area in natural resource economics. Written by distinguished resource economists, the papers in this volume probe, analyze and illuminate the central issues of the discipline.978-0-230-52321-0

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https://doi.org/10.1057/9780230523210economic theory; economics; environment; evaluation; forestry; institutions; investment; production; public

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https://doi.org/10.1007/978-3-319-73682-2tual antecedents precisely, it is probably fair to say that it dates back to the early 1930s. The year 1931 has a special significance in the annals of natural resource economics; it was in that year that Harold Hotelling published his path-breaking paper on the economics of exhaustible resources in

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https://doi.org/10.1007/978-3-319-73682-2ublic investment projects. As an example of the numerous choices of this kind that arise in both the design and final selection stages, we need only recall the common problem of choosing between a technique of production that requires large capital investment but has low operating costs and one with

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Reports of the Midwest Category Seminar Ited that individuals are not indifferent to uncertainty and will not, in general, value assets with uncertain returns at their expected values. Depending upon an individual’s initial asset holdings and utility function, he will value an asset at more or less than its expected value. Therefore, in pr