Exploration in competitive nonrenewable resource markets : an extension of Pindyck's perfect foresight model
Author(s)
Laughton, David G.
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Show full item recordAbstract
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.
Date issued
1986Publisher
MIT Energy Lab
Other identifiers
19524090
Series/Report no.
MIT-EL86-018WP