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- W2371713894 abstract "This paper presented a general model for the optimal exploitation of a nonrenewable resources under the two kinds of uncertainties. One source of uncertainty was in the reserve level and the other was in the economic environment that affected resource supply and demand conditions. This paper showed that the Hotelling's rule still applied and the demand uncertainty didn't effect on the expected dynamics of market price, while reserve uncertainty shifted the expected rate of change of price only if extraction costs were nonlinear in reserves. The model was also extended to include exploration, first as a means of reducing uncertainty and second as a means of accumulating reserves, with uncertainty over the future response of discoveries to exploration effort." @default.
- W2371713894 created "2016-06-24" @default.
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- W2371713894 date "2005-01-01" @default.
- W2371713894 modified "2023-09-25" @default.
- W2371713894 title "Optimal Exploitation of Nonrenewable Resource under Uncertainty" @default.
- W2371713894 hasPublicationYear "2005" @default.
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