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Resource Extraction, Uncertainty, and Learning

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  • Michael Hoel
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    Abstract

    This paper analyzes resource extraction when the true size of the reserves and the future costs of extraction are uncertain. The effects of increased uncertainty are investigated under the assumption that the extraction process yields information about the variables which are uncertain at the initial planning time. Mean-stock-preserving and mean-cost-preserving increases in uncertainty affect the initial resource extraction rate differently. Mean-utility-preserving increases in uncertainty do not affect the initial rate of extraction.

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    File URL: http://links.jstor.org/sici?sici=0361-915X%28197823%299%3A2%3C642%3AREUAL%3E2.0.CO%3B2-L&origin=repec
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    Bibliographic Info

    Article provided by The RAND Corporation in its journal Bell Journal of Economics.

    Volume (Year): 9 (1978)
    Issue (Month): 2 (Autumn)
    Pages: 642-645

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    Handle: RePEc:rje:bellje:v:9:y:1978:i:autumn:p:642-645

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    Cited by:
    1. Agbo, Maxime, 2014. "Strategic exploitation with learning and heterogeneous beliefs," Journal of Environmental Economics and Management, Elsevier, vol. 67(2), pages 126-140.
    2. Devarajan, Shantayanan & Fisher, Anthony C, 1981. "Hotelling's "Economics of Exhaustible Resources": Fifty Years Later," Journal of Economic Literature, American Economic Association, vol. 19(1), pages 65-73, March.

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