DYNAMIC INVESTMENT IN EXTRACTION CAPACITY OF EXHAUSTIBLE RESOURCES

被引:8
作者
Ghoddusi, Hamed [1 ]
机构
[1] Vienna Grad Sch Finance, Vienna, Austria
基金
奥地利科学基金会;
关键词
D O I
10.1111/j.1467-9485.2009.00522.x
中图分类号
F [经济];
学科分类号
02 ;
摘要
This paper studies a resource extraction problem with capacity constraints, expansion options and stochastic demand process. The producer has to decide on the optimal rate of extraction and the optimal time to build further capacity simultaneously. Using numerical methods to solve the problem, it is shown that previous results which suggest that extraction capacity should be built at the beginning, are not necessarily true under uncertainty. I derive equations for the optimal time to build extra capacity. The results of this paper can contribute to better understanding of long-run energy and commodity supply.
引用
收藏
页码:359 / 373
页数:15
相关论文
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