Optimal exploration and consumption of a national resource-stochastic case

摘要: This paper is a continuation of an earlier deterministic version. We solve Arrow's resource model with reserves and unexplored area, 2Vertical Bar as state variables consumption exploration rates control variables. Infinite (impulses) are allowed, discovery assumed to be Poisson process parameter dependent on the rate. Both analytical numerical methods used in solutions. The results for impulse stochastic strikingly different from those obtained model. For example concludes that should take place when small, not it large-a situation opposite