Diffusion Approximation in Arrow's Model of Exhaustable Resources.

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)

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Document Details

Document Type
Technical Report
Publication Date
Aug 01, 1983
Accession Number
ADA136469

Entities

People

  • D. Duffie
  • M. Taskar

Organizations

  • Stanford University

Tags

Communities of Interest

  • Materials and Manufacturing Processes

DTIC Thesaurus Topics

  • Asymptotic Normality
  • Brownian Motion
  • Differential Equations
  • Diffusion
  • Dynamic Programming
  • Economics
  • Equations
  • Natural Resources
  • New York
  • Operations Research
  • Partial Differential Equations
  • Probability
  • Probability Distributions
  • Simultaneous Equations
  • Social Sciences
  • Stochastic Processes
  • United States

Readers

  • Adaptive Control and Estimation with Uncertainty in Dynamic Systems.
  • Systems Analysis and Design