Towards realistic microeconomic models of mineral exploitation. II
[For part I see the preceding review.] It is shown that, with representative unit cost functions, two optimal levels of ore depletion may be possible. Properties of the two solutions for quadratic unit cost and extraction at a rate close to the optimum for the mine are found. It transpires that both solutions may be physically realistic and, in the light of this, a numerical method for finding optimal exploitation strategies is developed. The approach is primarily mathematical.
scientific article; zbMATH DE number 4001822