Learning About and Exploiting Exhaustible Resource Deposits of Uncertain Size

John M. Hartwick

Working Papers from Queen's University, Department of Economics

Abstract: The Kemp-Loury model of a single uncertain deposit is cast in an n-state framework and optimal programs characterized. Robson's problem of arranging the optimal sequence of uncertain deposits is recast and a market failure involving the jointness of learning about deposit size and gaining revenue from extracted ore, is isolated. The value of learning by preliminary extraction is characterized and extensions to the problem of arranging optimal sequences are noted.

Date: Written

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Journal Article: Learning about and Exploiting Exhaustible Resource Deposits of Uncertain Size (1983)
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Persistent link: http://EconPapers.repec.org/RePEc:qed:wpaper:456

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