Optimal Exploration and Price Paths of a Non-renewable Commodity with Stochastic Discoveries
收藏NBER2022-04-01 更新2025-01-04 收录
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https://www.nber.org/papers/w29934
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资源简介：
We address the long-standing challenge of adding optimal exploration to the classic Hotelling model of a non-renewable resource. We completely solve such a model, using impulse control. The model, extending Arrow and Chang (1982), has two state variables: proven reserves and a finite unexplored area
提供机构：
美国国家经济研究局
创建时间：
2022-04-01
