The Optimal Depletion and Exploration of a Nonrenewable Resource

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23 citations0/0 files storedEconometrica

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Abstract

IN SPITE OF ITS IMPORTANCE, the exploration process has not received much attention in the economics of nonrenewable resources. Among the researchers who investigated this problem, we might mention Arrow and Chang (1982), Deshmukh and Pliska (1980), Pindyck (1978, 1980), and Gilbert (1979, 1981). For earlier work on this subject, we might also mention Gaffney (1967) and Herfindahl (1974). Basically, an exploration program is a search for potential deposits whose sizes and locations are both uncertain. Furthermore, exploration technology exhibits a high degree of scale economies. Our paper represents an attempt to deal with these rather neglected aspects of the exploration process in a model of simultaneous extraction and exploration.

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1980Uncertainty and Exhaustible Resource Markets 1969Extractive Resources and Taxation 1979Optimal Depletion of an Uncertain Stock 1980Optimal Consumption and Exploration of Nonrenewable Resources under Uncertainty 1978Optimal Depletion of an Exhaustible Resource with Research and Development towards an Alternative Technology

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