Optimal Resource Harvesting: Theory and Real-world Examples

This lecture discusses the concept of stationary harvesting for renewable resources, introducing Hotelling's rule and its implications for resource management. It also explores the collapse of the Atlantic cod fish stocks and the tragedy of the commons, contrasting theoretical models with real-world challenges. The presentation concludes with insights from Elinor Ostrom's work on collective resource management and the economic and political risks associated with resource exploitation.