Diffusion Approximation in Arrow’s Model of Exhaustable Resources

DOI10.1080/02522667.1986.10698858zbMATH Open0618.90024OpenAlexW1995836726MaRDI QIDQ3755201FDOQ3755201

Authors: Darrell Duffie, Michael Taksar 

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

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zbMATH Keywords

diffusion processbang-bangBellman equationinstantaneous controlnatural resourceexploration intensityMarkovian stochastic dynamic programmingoptimal exploration strategy

Mathematics Subject Classification ID

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

Cites Work

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• Instantaneous Control of Brownian Motion
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Cited In (2)

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