Accession Number : ADA136469

Title :   Diffusion Approximation in Arrow's Model of Exhaustable Resources.

Descriptive Note : Technical rept.,

Corporate Author : STANFORD UNIV CA INST FOR MATHEMATICAL STUDIES IN THE SOCIAL SCIENCES

Personal Author(s) : Duffie,D ; Taskar,M

PDF Url : ADA136469

Report Date : Aug 1983

Pagination or Media Count : 25

Abstract : What we shall call Arrow's Model for resource exploration and use under uncertainty was first formulated by Arrow (1977) and analyzed by Arrow and Chang (1978). This model proved to be very successful and stimulated a lot of research. The purpose of this paper is to bring to a common denominator the results of previous studies and to introduce a new diffusion model approach to the same problem. The problem is posed roughly as follows. (Author)

Descriptors :   *Mathematical models, *Diffusion, *Natural resources, Resource management, Land use, Approximation(Mathematics), Heuristic methods, Dynamic programming, Stochastic processes, Stockpiles

Subject Categories : Economics and Cost Analysis
      Statistics and Probability

Distribution Statement : APPROVED FOR PUBLIC RELEASE