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Resource extraction and anticipated demand shifts |
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| Authors: | Michael S. Knoll John D. Martin Robert A. Miller |
| Affiliation: | University of Chicago, Chicago, IL 60637, USA |
| Abstract: | Linking together two optimal control theory problems through Bellman's equation we derive closed form solutions for an extractive industry when a shift in the demand curve is perfectly foreseen. Monopoly and competition are compared. |
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