Investment in Information and Production of Natural Resources--A Stochastic Control Approach

Bruce L. Dixon and Richard E. Howitt

No 283859, 1976 Annual Meeting, August 15-18, State College, Pennsylvania from American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association)

Abstract: Production from unexploited natural resources is of increasing concern to policy makers. Currently, optimal resource production models ignore the effect of uncertainty about resource stocks and the production process. The stochastic control formulation explicitly derives the conditions of optimal resource production under uncertainty and the cost of uncertainty in production.

Keywords: Resource/Energy; Economics; and; Policy (search for similar items in EconPapers)
Pages: 15
Date: 1976-08
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Persistent link: https://EconPapers.repec.org/RePEc:ags:aaea76:283859

DOI: 10.22004/ag.econ.283859

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