RDP 2013-14: Reserves of Natural Resources in a Small Open Economy Equation (1)

V ( K t , R t ) = max I t , X t , D t { S t P t r * X t W t r A t 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 ) } R ˜ t 0 1 R t ( i ) d i MathType@MTEF@5@5@+= feaagKart1ev2aaatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLn hiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr 4rNCHbGeaGqiVu0Je9sqqrpepC0xbbL8F4rqqrFfpeea0xe9Lq=Jc9 vqaqpepm0xbba9pwe9Q8fs0=yqaqpepae9pg0FirpepeKkFr0xfr=x fr=xb9adbaqaaeGaciGaaiaabeqaamaabaabaaGceaqabeaacaWGwb WaaeWaaeaacaWGlbWaaSbaaSqaaiaadshaaeqaaOGaaiilaiaadkfa daWgaaWcbaGaamiDaaqabaaakiaawIcacaGLPaaacqGH9aqpciGGTb GaaiyyaiaacIhadaWgaaWcbaGaamysamaaBaaameaacaWG0baabeaa liaacYcacaWGybWaaSbaaWqaaiaadshaaeqaaSGaaiilaiaadseada WgaaadbaGaamiDaaqabaaaleqaaOGaai4EaiaadofadaWgaaWcbaGa amiDaaqabaGccaWGqbWaa0baaSqaaiaadshaaeaacaWGYbWaaWbaaW qabeaacaGGQaaaaaaakiaadIfadaWgaaWcbaGaamiDaaqabaGccqGH sisldaWcaaqaaiaadEfadaqhaaWcbaGaamiDaaqaaiaadkhaaaaake aacaWGbbWaa0baaSqaaiaadshaaeaacaWGYbaaaaaakmaabmaabaGa amiwamaaDaaaleaacaWG0baabaGaaGymaiabgUcaRiabeA7a6baaki aadUeadaqhaaWcbaGaamiDaaqaaiabgkHiTiabeY7aTbaakiaadkfa daqhaaWcbaGaamiDaaqaaiabeY7aTjabgkHiTiabeA7a6baaaOGaay jkaiaawMcaaaqaamaaciaabaGaeyOeI0Iaam4uamaaBaaaleaacaWG 0baabeaakiaadcfadaqhaaWcbaGaamiDaaqaaiaacQcaaaGccaWGjb WaaSbaaSqaaiaadshaaeqaaOGaeyOeI0Iaam4qamaabmaabaGaamir amaaBaaaleaacaWG0baabeaakiaacYcaceWGsbGbaGaadaWgaaWcba GaamiDaaqabaaakiaawIcacaGLPaaacqGHRaWkcqaHYoGydaWdbaqa aiaadAfadaqadaqaaiaadUeadaWgaaWcbaGaamiDaiabgUcaRiaaig daaeqaaOGaaiilaiaadkfadaWgaaWcbaGaamiDaiabgUcaRiaaigda aeqaaaGccaGLOaGaayzkaaGaamizaiabfA6agnaabmaabaGaeqOVdG 3aaSbaaSqaaiaadshacqGHRaWkcaaIXaaabeaakiaacYhacqaH+oaE daWgaaWcbaGaamiDaaqabaaakiaawIcacaGLPaaaaSqabeqaniabgU IiYdaakiaaw2haaaqaaiqadkfagaacamaaBaaaleaacaWG0baabeaa kiabggMi6oaapedabaGaamOuamaaBaaaleaacaWG0baabeaakmaabm aabaGaamyAaaGaayjkaiaawMcaaaWcbaGaaGimaaqaaiaaigdaa0Ga ey4kIipakiaadsgacaWGPbaaaaa@A43D@