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Does an Exhaustible Resource Usually Have Many Near-Optimal Depletion Paths?

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  • John Rowse

Abstract

In a recent article Chapman finds that different depletion paths for a highly abstract world oil model yield objective function values close to the optimal level. In this article the near optimality of Chapman's marginal cost pricing solution is explained and many other near-optimal solutions to his competitive model are identified. Furthermore, evidence is cited that multiple near optima emerge from numerical exhaustible resource models incorporating several important real-world complexities and reasons for this occurrence are provided. The principal implications for public policy and economic theory are also discussed.

Suggested Citation

  • John Rowse, 1988. "Does an Exhaustible Resource Usually Have Many Near-Optimal Depletion Paths?," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 70(3), pages 646-653.
    • Handle: RePEc:oup:ajagec:v:70:y:1988:i:3:p:646-653.
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    File URL: http://hdl.handle.net/10.2307/1241503
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    Cited by:

    1. D. Chapman & N. Khanna, 2000. "World oil: the growing case for international policy," Contemporary Economic Policy, Western Economic Association International, vol. 18(1), pages 1-13, January.
    2. Botes, J. H. F. & Bosch, D. J. & Oosthuizen, L. K., 1996. "A simulation and optimization approach for evaluating irrigation information," Agricultural Systems, Elsevier, vol. 51(2), pages 165-183, June.
    3. Rowse, John, 1997. "On ad valorem taxation of nonrenewable resource production," Resource and Energy Economics, Elsevier, vol. 19(3), pages 221-239, August.
    4. Dermot Gately, 1995. "Strategies for OPEC's Pricing and Output Decisions," The Energy Journal, , vol. 16(3), pages 1-38, July.
    5. Kazmierczak, Richard F., Jr., 1996. "Optimizing Complex Bioeconomic Simulations Using An Efficient Search Heuristic," DAE Research Reports 31661, Louisiana State University, Department of Agricultural Economics and Agribusiness.

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