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Resource extraction, international trade and production with the resource

✍ Scribed by A.Aydin Cecen


Publisher
Elsevier Science
Year
1991
Tongue
English
Weight
355 KB
Volume
13
Category
Article
ISSN
0140-9883

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We consider the problem of finding a plan that maximizes the expected discounted return when extracting a nonrenewable resource having uncertain reserves. An extraction plan specifies the rate at which the resource is extracted as a function of time until the resource is exhausted or the time horizo