A martingale characterization of the price of a nonrenewable resource with decisions involving uncertainty

DOI10.1016/0022-0531(85)90047-XzbMath0576.90020MaRDI QIDQ1064957

Stanley R. Pliska, Sudhakar D. Deshmukh

Publication date: 1985

Published in: Journal of Economic Theory (Search for Journal in Brave)

zbMATH Keywords

martingalesubmartingalesupermartingalenonrenewable resourceoptimal consumption and exploration

Mathematics Subject Classification ID

Dynamic programming (90C39) Economic growth models (91B62) Optimal stochastic control (93E20) Martingales with continuous parameter (60G44) Environmental economics (natural resource models, harvesting, pollution, etc.) (91B76)

Related Items (1)

Optimal transition to backstop substitutes for nonrenewable resources

Cites Work

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• A Problem in Making Resources Last
• Planning, Prices and Increasing Returns
• A Problem in Survival

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