Toward realistic microeconomic models of mineral exploitation. I (Q1088876)
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scientific article; zbMATH DE number 4001821
| Language | Label | Description | Also known as |
|---|---|---|---|
| English | Toward realistic microeconomic models of mineral exploitation. I |
scientific article; zbMATH DE number 4001821 |
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Toward realistic microeconomic models of mineral exploitation. I (English)
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1986
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The theory of the optimal depletion of nonrenewable resources is extended to the case where a choice of ore grades/qualities is mined. This leads to a three-dimensional problem on calculus of variations with variable integration domain. The mathematics are developed and certain weakenesses of the usual approach are discussed. The formulation is such that 'real' solutions can readily be found. A list of phenomena to be described by any practical model is included. [For part II see the following review.]
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mineral exploitation
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optimal depletion of nonrenewable resources
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calculus of variations
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variable integration domain
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