IDEAS home Printed from https://ideas.repec.org/a/cje/issued/v16y1983i3p391-410.html
   My bibliography  Save this article

Learning about and Exploiting Exhaustible Resource Deposits of Uncertain Size

Author

Listed:
  • John M. Hartwick

Abstract

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.
(This abstract was borrowed from another version of this item.)

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
    as

    Download full text from publisher

    File URL: http://links.jstor.org/sici?sici=0008-4085%28198308%2916%3A3%3C391%3ALAAEER%3E2.0.CO%3B2-O
    Download Restriction: only available to JSTOR subscribers
    ---><---

    As the access to this document is restricted, you may want to look for a different version below or search for a different version of it.

    Other versions of this item:

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. 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.
    2. Johannes Emmerling, 2015. "Uncertainty and Natural Resources - Prudence Facing Doomsday," Working Papers 2015.49, Fondazione Eni Enrico Mattei.
    3. Behrens, Axel, 1989. "Optimal resource extraction under stochastic terms of trade," Kiel Working Papers 395, Kiel Institute for the World Economy (IfW Kiel).
    4. repec:elg:eechap:14605_1 is not listed on IDEAS
    5. Murray C. Kemp & Ngo Van Long, 2007. "Extracting Several Resource Deposits of Unknown Size: Optimal Order," CIRANO Working Papers 2007s-10, CIRANO.
    6. 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.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:cje:issued:v:16:y:1983:i:3:p:391-410. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Prof. Werner Antweiler (email available below). General contact details of provider: https://edirc.repec.org/data/ceaaaea.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.