Optimal resource extraction with uncertain reserves

DOI10.1002/1520-6750(199203)39:2%3C153::AID-NAV3220390203%3E3.0.CO;2-8MaRDI QIDQ3993984zbMATH OpenOpenAlexFDO

Authors Robert J. Lipshutz, Lawrence D. Stone

Publication date 13 August 1992

Full work available at URL https://doi.org/10.1002/1520-6750(199203)39:2%3C153::aid-nav3220390203%3E3.0.co;2-8

zbMATH Keywords

discrete time and continuous time versionsnatural resourceoptimal extraction policyuncertain reserves

Mathematics Subject Classification ID

Dynamic programming in optimal control and differential games (49L20) Computational methods for problems pertaining to operations research and mathematical programming (90-08) Economic growth models (91B62) Environmental economics (natural resource models, harvesting, pollution, etc.) (91B76) Application models in control theory (93C95)

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Cites work

• Dynamic optimization and mathematical economics
• scientific article; zbMATH DE number 3126094 (Why is no real title available?)

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(23)

• Optimization of inputs in a spatially variable natural resource: Unconditional vs. conditional analysis
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• How to eat a cake of unknown size: a reconsideration
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• Optimal Search for and Mining of Underwater Mineral Resources
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• The Optimal Depletion and Exploration of a Nonrenewable Resource
• Optimal switchover times between two activities utilizing the same resource
• scientific article; zbMATH DE number 1865386 (Why is no real title available?)
• Optimal pricing, use and exploration of uncertain natural resources
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• An optimal control model of oil discovery and extraction
• Regular and exploratory resource extraction models considering sustainability
• Optimal resource extraction and uncertainty about new technology
• The length of optimal extraction programs when depletion affects extraction costs
• Optimal risk management problem of natural resources: application to oil drilling
• Optimal shutdown decisions in resource extraction

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