Dynamic Timing Decisions Under Uncertainty : Essays on Invention, Innovation and Exploration in Resource Economics /
This book deals with dynamic timing decisions under uncertainty in the context of exhaustible resources. Adopting the dynamic programming techniqueof decomposing a large and complex problem into smaller and simpler ones, the book offers a unified treatment of the important subjects of exploration an...
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| Format: | eBook |
| Language: | English |
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Berlin, Heidelberg :
Springer Berlin Heidelberg,
1994.
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| Series: | Lecture notes in economics and mathematical systems ;
406. |
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| Online Access: | Connect to the full text of this electronic book |
| Summary: | This book deals with dynamic timing decisions under uncertainty in the context of exhaustible resources. Adopting the dynamic programming techniqueof decomposing a large and complex problem into smaller and simpler ones, the book offers a unified treatment of the important subjects of exploration and technological innovation in the economics of exhaustible resources. These processes generate the dynamics of an economic system and might induce this system to switch from one dynamic regime to another. The question of how and when a policy maker should switchregimes is the main theme throughout the book. The approach offered can be used to study similar problems in industrial organization or dynamic macroeconomics. |
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| Item Description: | Electronic resource. |
| Physical Description: | 1 online resource (x, 198 pages) |
| ISBN: | 9783642515088 (electronic bk.) 3642515088 (electronic bk.) |
| ISSN: | 0075-8442 ; |