Optimum Extraction of an Exhaustible Resource: A Mathematical Analysis

  • Pan-Tai Liu
Part of the Mathematical Concepts and Methods in Science and Engineering book series (MCSENG)


In this paper, we discuss optimum extraction of an exhaustible resource. The problem is essentially the same as in (Ref. 1), but we shall study it in greater detail and in a somewhat more general context.


Probability Distribution Function Optimum Extraction Infinite Horizon Continuous Random Variable Exhaustible Resource 
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  1. 1.
    Liu, P. T., Optimum Exploitation of an Exhaustible Resource under Uncertainty, Technical Report, Mathematics Department, University of Rhode Island, August 1978.Google Scholar

Supplementary References

  1. Cropper, M. L., Regulating activities with catastrophic environmental effects, Journal of Environmental Economics and Management, Vol. 3, pp. 1–15, 1976.CrossRefGoogle Scholar
  2. Liu, P. T. and Sutinen, J. G., Pareto, optimal leasing, and investment policies for a publicly-owned exhaustible resource, New Trends in Dynamical Systems. Edited by A. Marzollo, Academic Press, New York, 1979.Google Scholar
  3. Loury, G. C., The Optimum Exploitation of an Unknown Reserve, Discussion Paper No. 255, Center for Mathematical Studies in Economics and Management Science, Northwestern University, November 1976.Google Scholar

Copyright information

© Plenum Press, New York 1980

Authors and Affiliations

  • Pan-Tai Liu
    • 1
  1. 1.Mathematics DepartmentUniversity of Rhode IslandKingstonUSA

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