Stock Uncertainty In Renewable Resource Theory: The Exploitation Of Aquifers Of Unknown Size
AbstractThe theory of stock uncertainty in the utilization of exhaustible resources is extended to renewable groundwater resources. A complete characterization of the exploitation process is presented, paying special attention to the formulation of the trasversality conditions. Exploration activities are incorporated and fit smoothly within the framework of analysis. Extensions to other renewable situations are outlined.
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Bibliographic InfoPaper provided by University of Minnesota, Department of Applied Economics in its series Staff Papers with number 14208.
Date of creation: 1992
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- Deshmukh, Sudhakar D. & Pliska, Stanley R., 1985. "A martingale characterization of the price of a nonrenewable resource with decisions involving uncertainty," Journal of Economic Theory, Elsevier, vol. 35(2), pages 322-342, August.
- Arrow, Kenneth J. & Chang, Sheldon, 1982. "Optimal pricing, use, and exploration of uncertain natural resource stocks," Journal of Environmental Economics and Management, Elsevier, vol. 9(1), pages 1-10, March.
- Pindyck, Robert S, 1978. "The Optimal Exploration and Production of Nonrenewable Resources," Journal of Political Economy, University of Chicago Press, vol. 86(5), pages 841-61, October.
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