The Optimal Exploitation of an Unknown Reserve

DOI10.2307/2297264zbMath0435.90042OpenAlexW2006609150MaRDI QIDQ3875674

Glenn Loury

Publication date: 1978

Published in: The Review of Economic Studies (Search for Journal in Brave)

Full work available at URL: http://www.kellogg.northwestern.edu/research/math/papers/255.pdf

zbMATH Keywords

utilityuncertaintydynamic programmingequilibriumcalculus of variationsgrowth modelexhaustible resourceoptimal depletionintertemporal efficiencynon- renewable resourceunknown reserve

Mathematics Subject Classification ID

Environmental economics (natural resource models, harvesting, pollution, etc.) (91B76) Optimality conditions for problems involving randomness (49K45) Optimality conditions for problems involving ordinary differential equations (49K15)

Related Items (7)

Expectations about change in market structure and natural resource extraction ⋮ Sequential exploitation of uncertain deposits of a depletable natural resource ⋮ Utilitarianism, prioritarianism, and intergenerational equity: a cake eating model ⋮ An entropy model of environmental pollution and economic growth ⋮ MONOPOLY, POTENTIAL COMPETITION AND PRIVATE STOCK INFORMATION IN EXHAUSTIBLE RESOURCE MARKETS ⋮ Decreasing absolute risk aversion and utility indices derived from cake- eating problems ⋮ A martingale characterization of the price of a nonrenewable resource with decisions involving uncertainty

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