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RDP 2013-14: Reserves of Natural Resources in a Small Open Economy
Equation
V
(
K
t
,
R
t
)
=
max
I
t
(
j
)
,
D
t
(
j
)
,
X
t
(
j
)
{
[
S
t
P
t
r
*
X
t
−
W
r
r
(
X
t
1
+
ζ
K
t
−
μ
R
t
μ
−
ζ
)
−
S
t
P
t
*
I
t
−
C
(
D
t
,
R
˜
t
)
]
+
β
∫
V
(
K
t
+
1
,
R
t
+
1
)
d
Φ
(
ξ
t
+
1
|
ξ
t
)
}
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