Diffusion Approximation in Arrow’s Model of Exhaustable Resources

DOI10.1080/02522667.1986.10698858zbMath0618.90024OpenAlexW1995836726MaRDI QIDQ3755201

Michael I. Taksar, J. Darrell Duffie

Publication date: 1986

Published in: Journal of Information and Optimization Sciences (Search for Journal in Brave)

Full work available at URL: https://doi.org/10.1080/02522667.1986.10698858

zbMATH Keywords

Bellman equationdiffusion processinstantaneous controlbang-bangnatural resourceexploration intensityMarkovian stochastic dynamic programmingoptimal exploration strategy

Mathematics Subject Classification ID

Economic growth models (91B62) Diffusion processes (60J60) Environmental economics (natural resource models, harvesting, pollution, etc.) (91B76)

Cites Work

• Instantaneous Control of Brownian Motion
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