Variation principles for modeling in resource economics

Andrei Bazhanov

MPRA Paper from University Library of Munich, Germany

Abstract: A technique for the construction of the model of nonrenewable resources depletion is offered. The approach is based on the assumption of the fulfillment of a variation principle. The model adequacy is examined with respect to world oil extraction data from 1859 to 2005. The possibilities of the use of the model in forecasting problems and in construction of the path of extraction, satisfying the intergenerational justice principle are discussed. Empirical justification of the hypothesis of the fulfillment of the Hamilton principle in resource economics gives an opportunity of the use of some laws of mechanics in economics.

Keywords: nonrenewable resource; variation principle; intergenerational justice (search for similar items in EconPapers)
JEL-codes: C63 Q32 (search for similar items in EconPapers)
Date: 2005-08-08, Revised 2006-08-08
New Economics Papers: this item is included in nep-ene, nep-env and nep-for
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Citations: View citations in EconPapers (6)

Published in Vestnik DVO RAN 6 (2006): pp. 5-13

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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:1309

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