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Learning about and Exploiting Exhaustible Resource Deposits of Uncertain Size


  • John M. Hartwick


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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Suggested Citation

  • John M. Hartwick, 1983. "Learning about and Exploiting Exhaustible Resource Deposits of Uncertain Size," Canadian Journal of Economics, Canadian Economics Association, vol. 16(3), pages 391-410, August.
  • Handle: RePEc:cje:issued:v:16:y:1983:i:3:p:391-410

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    Cited by:

    1. Behrens, Axel, 1989. "Optimal resource extraction under stochastic terms of trade," Kiel Working Papers 395, Kiel Institute for the World Economy (IfW).
    2. Johannes Emmerling, 2015. "Uncertainty and Natural Resources - Prudence Facing Doomsday," Working Papers 2015.49, Fondazione Eni Enrico Mattei.
    3. Murray C. Kemp & Ngo Van Long, 2007. "Extracting Several Resource Deposits of Unknown Size: Optimal Order," CIRANO Working Papers 2007s-10, CIRANO.
    4. Hartwick, John M., 1985. "Option Pricing by the Nonrenewable Resource Extracting Firm Facing Output Price Uncertainty," Queen's Institute for Economic Research Discussion Papers 275197, Queen's University - Department of Economics.
    5. Mohr, Ernst, 1985. "Appropriation of common access natural resources through exploration: A differential game of a claiming rush," Discussion Papers, Series I 206, University of Konstanz, Department of Economics.

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