Optimal Exploration and Consumption of a Natural Resource Deterministic Case

An exploration and consumption model for exhaustible natural resources is used to formulate a deterministic optimal control problem over an infinite time horizon. A dynamic programming approach is employed throughout. The non-linear partial differential equation which results from an application of the necessary conditions is solved analytically by the method of characteristics. Several properties of the solution are discussed

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Year of publication:	2018
Authors:	Derzko, N. A.
Other Persons:	Sethi, Suresh (contributor)
Publisher:	[2018]: [S.l.] : SSRN
Subject:	Theorie \| Theory \| Natürliche Ressourcen \| Natural resources \| Ressourcenökonomik \| Resource economics \| Erschöpfbare Ressourcen \| Exhaustible resources

Extent:	1 Online-Ressource (21 p)
Type of publication:	Book / Working Paper
Language:	English
Notes:	In: Optimal Control Applications & Methods, Vol. 2, pp. 1-21, 1981 Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments 1981 erstellt
Classification:	Q3 - Nonrenewable Resources and Conservation ; C61 - Optimization Techniques; Programming Models; Dynamic Analysis
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10012940734