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Extracting Several Resource Deposits of Unknown Size: Optimal Order

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  • Murray C. Kemp
  • Ngo Van Long

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  • Murray C. Kemp & Ngo Van Long, 2007. "Extracting Several Resource Deposits of Unknown Size: Optimal Order," CIRANO Working Papers 2007s-10, CIRANO.
    • Handle: RePEc:cir:cirwor:2007s-10
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    File URL: https://cirano.qc.ca/files/publications/2007s-10.pdf
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    References listed on IDEAS

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    1. Robson, Arthur J., 1979. "Sequential exploitation of uncertain deposits of a depletable natural resource," Journal of Economic Theory, Elsevier, vol. 21(1), pages 88-110, August.
    2. Sanford J. Grossman & Richard E. Kihlstrom & Leonard J. Mirman, 1977. "A Bayesian Approach to the Production of Information and Learning By Doing," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 44(3), pages 533-547.
    3. Glenn C. Loury, 1978. "The Optimal Exploitation of an Unknown Reserve," Review of Economic Studies, Oxford University Press, vol. 45(3), pages 621-636.
    4. Hartwick, John M, 1978. "Exploitation of Many Deposits of an Exhaustible Resource," Econometrica, Econometric Society, vol. 46(1), pages 201-217, January.
    5. Hartwick, John M. & Yeung, David, 1985. "Preference for output price uncertainty by the non-renewable resource extracting firm," Economics Letters, Elsevier, vol. 19(1), pages 85-89.
    6. Tsur, Yacov & Zemel, Amos, 1996. "Accounting for global warming risks: Resource management under event uncertainty," Journal of Economic Dynamics and Control, Elsevier, vol. 20(6-7), pages 1289-1305.
    7. Jean-Pierre Amigues & Ngo Van Long & Michel Moreaux, 2006. "Ressources naturelles, impatience et progrès technique," Revue économique, Presses de Sciences-Po, vol. 57(2), pages 185-218.
    8. Ramesh C. Kumar, 2002. "How long to eat a cake of unknown size? Optimal time horizon under uncertainty," Canadian Journal of Economics, Canadian Economics Association, vol. 35(4), pages 843-853, November.
    9. Kemp, Murray C & Long, Ngo Van, 1980. "On Two Folk Theorems Concerning the Extraction of Exhaustible Resources," Econometrica, Econometric Society, vol. 48(3), pages 663-673, April.
    10. Hartwick, John M. & Kemp, Murray C. & Van Long, Ngo, 1986. "Set-up costs and theory of exhaustible resources," Journal of Environmental Economics and Management, Elsevier, vol. 13(3), pages 212-224, September.
    11. Lewis Cecil Gray, 1914. "Rent under the Assumption of Exhaustibility," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 28(3), pages 466-489.
    12. Amigues, Jean-Pierre & Favard, Pascal & Gaudet, Gerard & Moreaux, Michel, 1998. "On the Optimal Order of Natural Resource Use When the Capacity of the Inexhaustible Substitute Is Limited," Journal of Economic Theory, Elsevier, vol. 80(1), pages 153-170, May.
    13. Long, Ngo Van, 1976. "Expectation Revision and Optimal Learning in a Foreign Investment Model," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 17(2), pages 247-261, June.
    14. Monica Brezzi & Tze Leung Lai, 2000. "Incomplete Learning from Endogenous Data in Dynamic Allocation," Econometrica, Econometric Society, vol. 68(6), pages 1511-1516, November.
    15. Kumar, Ramesh C., 2005. "How to eat a cake of unknown size: A reconsideration," Journal of Environmental Economics and Management, Elsevier, vol. 50(2), pages 408-421, September.
    16. David Levhari & Nissan Liviatan, 1977. "Notes on Hotelling's Economics of Exhaustible Resources," Canadian Journal of Economics, Canadian Economics Association, vol. 10(2), pages 177-192, May.
    17. 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.
    18. Reed, William J., 1984. "The effects of the risk of fire on the optimal rotation of a forest," Journal of Environmental Economics and Management, Elsevier, vol. 11(2), pages 180-190, June.
    19. Long, Ngo Van, 1975. "Resource extraction under the uncertainty about possible nationalization," Journal of Economic Theory, Elsevier, vol. 10(1), pages 42-53, February.
    20. Cropper, M. L., 1976. "Regulating activities with catastrophic environmental effects," Journal of Environmental Economics and Management, Elsevier, vol. 3(1), pages 1-15, June.
    21. Ramesh C. Kumar, 2002. "How long to eat a cake of unknown size? Optimal time horizon under uncertainty," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 35(4), pages 843-853, November.
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    Cited by:

    1. Murray C. Kemp & Ngo Van Long, 2009. "Extracting Resource Deposits of Unknown Size: Optimal Order," German Economic Review, Verein für Socialpolitik, vol. 10(4), pages 401-421, November.
    2. Gérard Gaudet, 2007. "Natural resource economics under the rule of Hotelling," Canadian Journal of Economics, Canadian Economics Association, vol. 40(4), pages 1033-1059, November.
    3. van der Ploeg, Frederick, 2010. "Aggressive oil extraction and precautionary saving: Coping with volatility," Journal of Public Economics, Elsevier, vol. 94(5-6), pages 421-433, June.
    4. Murray C. Kemp & Ngo Van Long, 2009. "Extracting Resource Deposits of Unknown Size: Optimal Order," German Economic Review, Verein für Socialpolitik, vol. 10(4), pages 401-421, November.
    5. R. Quentin Grafton & Tom Kompas & Ngo Van Long, 2010. "Biofuels Subsidies and the Green Paradox," CESifo Working Paper Series 2960, CESifo.
    6. R. Quentin Grafton & Tom Kompas & Ngo Van Long, 2010. "Do Biofuel Subsidies Reduce Greenhouse Gas Emissions?," International and Development Economics Working Papers idec10-01, International and Development Economics.

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    More about this item

    Keywords

    order of extraction; value of information; uncertainty; ordre d'extraction; valeur de l'information; incertitude;
    All these keywords.

    JEL classification:

    • Q30 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - General

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