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A Martingale Characterization of the Price of a Nonrenewable Resource with Decisions Involving Uncertainty

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  • Sudhakar D. Deshmukh
  • Stanley R. Pliskaf

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  • Sudhakar D. Deshmukh & Stanley R. Pliskaf, 1983. "A Martingale Characterization of the Price of a Nonrenewable Resource with Decisions Involving Uncertainty," Discussion Papers 565, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
    • Handle: RePEc:nwu:cmsems:565
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    References listed on IDEAS

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    1. Heal, Geoffrey M., 1993. "The optimal use of exhaustible resources," Handbook of Natural Resource and Energy Economics, in: A. V. Kneese† & J. L. Sweeney (ed.), Handbook of Natural Resource and Energy Economics, edition 1, volume 3, chapter 18, pages 855-880, Elsevier.
    2. J. MacQueen, 1964. "A Problem in Making Resources Last," Management Science, INFORMS, vol. 11(2), pages 341-347, November.
    3. Glenn C. Loury, 1978. "The Optimal Exploitation of an Unknown Reserve," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 45(3), pages 621-636.
    4. Arrow, Kenneth J. & Chang, Sheldon, 1982. "Optimal pricing, use, and exploration of uncertain natural resource stocks," Journal of Environmental Economics and Management, Elsevier, vol. 9(1), pages 1-10, March.
    5. Robert M. Solow, 1974. "The Economics of Resources or the Resources of Economics," Palgrave Macmillan Books, in: Chennat Gopalakrishnan (ed.), Classic Papers in Natural Resource Economics, chapter 12, pages 257-276, Palgrave Macmillan.
    6. Sudhakar D. Deshmukh & Stanley R. Pliska, 1983. "Optimal Consumption of a Nonrenewable Resource with Stochastic Discoveries and a Random Environment," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 50(3), pages 543-554.
    7. Morton I. Kamien & Nancy L. Schwartz, 1978. "Optimal Exhaustible Resource Depletion with Endogenous Technical Change," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 45(1), pages 179-196.
    8. Deshmukh, Sudhakar D & Pliska, Stanley R, 1980. "Optimal Consumption and Exploration of Nonrenewable Resources under Uncertainty," Econometrica, Econometric Society, vol. 48(1), pages 177-200, January.
    9. Stanley R. Pliska, 1982. "Duality Theory for Some Stochastic Control Models," Discussion Papers 530, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
    10. Pindyck, Robert S, 1980. "Uncertainty and Exhaustible Resource Markets," Journal of Political Economy, University of Chicago Press, vol. 88(6), pages 1203-1225, December.
    11. Harold Hotelling, 1931. "The Economics of Exhaustible Resources," Journal of Political Economy, University of Chicago Press, vol. 39(2), pages 137-137.
    12. Devarajan, Shantayanan & Fisher, Anthony C, 1981. "Hotelling's "Economics of Exhaustible Resources": Fifty Years Later," Journal of Economic Literature, American Economic Association, vol. 19(1), pages 65-73, March.
    13. Partha Dasgupta & Geoffrey Heal, 1974. "The Optimal Depletion of Exhaustible Resources," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 41(5), pages 3-28.
    14. Richard J. Gilbert, 1979. "Optimal Depletion of an Uncertain Stock," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 46(1), pages 47-57.
    15. Dasgupta, Partha & Stiglitz, Joseph, 1981. "Resource Depletion under Technological Uncertainty," Econometrica, Econometric Society, vol. 49(1), pages 85-104, January.
    16. Long, Ngo Van, 1975. "Resource extraction under the uncertainty about possible nationalization," Journal of Economic Theory, Elsevier, vol. 10(1), pages 42-53, February.
    17. Cropper, M. L., 1976. "Regulating activities with catastrophic environmental effects," Journal of Environmental Economics and Management, Elsevier, vol. 3(1), pages 1-15, June.
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