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The optimal extraction rate of a natural resource under uncertainty

Raúl Anibal Feliz - No affiliation found

1993/01/01 Full-length article DOI: 10.1016/0165-1765(93)90042-B Journal: Economics Letters

Abstract:

AbstractThe objective of this paper is to derive the optimal rate of depletion of non-renewable natural resource by a monopolist under uncertainty conditions on the evolution of the reserve stock of that natural resource.