The Kemp-Loury model of a single uncertain deposit is cast in an n-state framework and optimal programs characterized. Robson's problem of arranging the optimal sequence of uncertain deposits is recast and a market failure involving the jointness of learning about deposit size and gaining revenue from extracted ore, is isolated. The value of learning by preliminary extraction is characterized and extensions to the problem of arranging optimal sequences are noted.
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Paper provided by Queen's University, Department of Economics in its series Working Papers with number
456.
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