scientific article; zbMATH DE number 3713447

MaRDI QIDQ3904336zbMATH OpenFDO

Authors Kenneth J. Arrow, S. S. L. Chang

Publication date 1980

zbMATH Keywords

calculation of optimal price profileexploitation of exhaustible resourcesHotelling modeloptimal rate of resource extractionrandom spatial distribution of stocksshadow price of consumptionshadow price of holding reservesuncertain stocks

Mathematics Subject Classification ID

Dynamic programming (90C39) Applications of mathematical programming (90C90) Environmental economics (natural resource models, harvesting, pollution, etc.) (91B76)

Cited in

(5)

• 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
• Risk-Averse Mitigation Decisions in an Unpredictable Climate System*
• Diffusion Approximation in Arrow’s Model of Exhaustable Resources
• Optimal pricing, use and exploration of uncertain natural resources

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