Numerical analysis and simulation of resource-exploration models

Document Type

Article

Publication Date

2005

Abstract

In this paper, we examine models for exploration and consumption of resources. The fundamental feature of the models is the jump-process nature of the exploration for and discovery of the resource. Several models have been proposed and analyzed in the literature. Here we provide numerical schemes, convergence properties, and some new models that provide risk-averse policies to avoid depletion of the resource.

Recommended Citation

Fitzpatrick, Ben G. “Numerical Analysis and Simulation of Resource-Exploration Models.” Natural Resource Modeling, vol. 18, no. 3, Fall 2005, pp. 261–279.

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