Abstract
. Utilizing a deterministic single-species computational renewable natural resource model, it is found that there exist many dynamic allocation paths near-optimal to the efficient path, where the latter maximizes conventionally-defined social welfare. Some alternative paths involve substantial trading of surplus over time among market participants and hold different implications for income distribution. Universality of findings cannot be asserted, but the results are intuitively plausible and suggest that multiple near-optimal allocation paths may exist in related models as well. Existence of many near-optimal paths holds significant implications for theory and policy.
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