Optimal costless extraction rate changes from a non-renewable resource

DOI10.1017/S0956792514000229MaRDI QIDQ5499653zbMATH OpenOpenAlexFDO

Authors Geoffrey W. Evatt, Paul Johnson, Peter W. Duck, Sydney D. Howell

Publication date 30 July 2015

Published in European Journal of Applied Mathematics (Search for Journal in Brave)

Full work available at URL https://doi.org/10.1017/s0956792514000229

zbMATH Keywords

optimal controlreal optionssemi-Lagrangianminingdecision under uncertainty

Mathematics Subject Classification ID

Environmental economics (natural resource models, harvesting, pollution, etc.) (91B76) Corporate finance (dividends, real options, etc.) (91G50) Applications of optimal control and differential games (49N90)

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Cites work

• A mathematical model of an oil and gas field development process
• An Economic Model for Evaluating Mining and Manufacturing Ventures with Output Yield Uncertainty
• Evaluating environmental investments: a real options approach
• Fisheries management with stock growth uncertainty and costly capital adjustment
• On nonrenewable resource oligopolies: the asymmetric case
• On the investment-uncertainty relationship in a real options model
• Regime switching in a fishery with stochastic stock and price
• Robust control in water management
• Structural estimation of the stochastic dynamic decision problems of resource users: An application to the timber harvest decision
• The Mathematics of Financial Derivatives
• The expected lifetime of an extraction project.
• Valuing managerial flexibility: an application of real-option theory to mining investments

Cited in

(11)

• scientific article; zbMATH DE number 6686681 (Why is no real title available?)
• scientific article; zbMATH DE number 1902517 (Why is no real title available?)
• Nonrenewable resources with switching costs
• When should we stop extracting nonrenewable resources?
• Optimal harvesting policy for biological resources with uncertain heterogeneity for application in fisheries management
• Discontinuous extraction of a nonrenewable resource
• Using optimal control to optimize the extraction rate of a durable non-renewable resource with a monopolistic primary supplier
• Optimal shutdown decisions in resource extraction
• Stochastic differential game for management of non-renewable fishery resource under model ambiguity
• The Optimal Depletion and Exploration of a Nonrenewable Resource
• How to eat a cake of unknown size -- the case of a growing cake

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