Exact Solution to a Class of Stochastic Resource Extraction Problems

Sum T. S. Cheng () and David W. K. Yeung
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Sum T. S. Cheng: Hong Kong Baptist University
David W. K. Yeung: Hong Kong Baptist University

A chapter in Operations Research Proceedings 2005, 2006, pp 495-500 from Springer

Abstract: Abstract In this paper, a class of resource extraction problems involving stochastic dynamics and randomly fluctuating non-autonomous payoffs are developed. An empirically meaningful theory of optimization must therefore incorporate uncertainty in an appropriate manner. The introduction of this stochastic specification lead to a novel approach to solve dynamic problems in terms of properties and solution concepts not explored in the literature before. Exact solution to this stochastically complicated problem is presented. Computer simulations are provided. The analysis could be applied to various practical problems involving complex uncertainties.

Keywords: Optimization Theory; Solution Concept; Stochastic Dynamic; Resource Stock; Meaningful Theory (search for similar items in EconPapers)
Date: 2006
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Persistent link: https://EconPapers.repec.org/RePEc:spr:oprchp:978-3-540-32539-0_78

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DOI: 10.1007/3-540-32539-5_78

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