Exploration in competitive nonrenewable resource markets : an extension of Pindyck's perfect foresight model
Name
MIT-EL-86-018WP-19524090.pdf
Size
1.25 MB
Format
Adobe PDF
Checksum (MD5)
385d855641bea29535ca7ff6ea12e1a2
Author(s)
Laughton, David G.
Date Issued
1986
Publisher
MIT Energy Lab
Series/Report no.
MIT-EL
86-018WP
Abstract
Pindyck's model of exploration for, and production of, a
non-renewable resource (Pindyck 1978) is extended so that the
production cost function may depend separately on concurrently
available reserves and on the total amount of past production.
A method for obtaining the optimal trajectory of parameterised
specifications of the model is tested on elaborations of a
corrected version of the parameterised specification used by
Pindyck in his paper. The initial price for each simulation
is tabulated.
Persistent DSpace Link