Optimal Consumption of a Nonrenewable Resource with Stochastic Discoveries and a Random Environment

DOI10.2307/2297680MaRDI QIDQ4750389zbMATH OpenOpenAlexFDO

Authors Sudhakar D. Deshmukh, Stanley R. Pliska

Publication date 1983

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

Full work available at URL http://www.kellogg.northwestern.edu/research/math/papers/500.pdf

zbMATH Keywords

optimal consumption of a nonrenewable resourcestorage process with Markov additive discoveriestwo kinds of uncertainties

Mathematics Subject Classification ID

Environmental economics (natural resource models, harvesting, pollution, etc.) (91B76)

Cited in

(3)

• A martingale characterization of the price of a nonrenewable resource with decisions involving uncertainty
• Toward realistic microeconomic models of mineral exploitation. I
• Deterministic asymmetric-cost differential games for energy production with production bounds

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