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Optimising the extraction rate of a non-durable non-renewable resource in a monopolistic market: a mathematical programming approach

Author
Corominas, A.; Fossas, E., E. Fossas, E. Fossas-Colet, Enric Fossas, Enric Fossas-Colet
Type of activity
Journal article
Journal
SpringerPlus
Date of publication
2015-09-17
Volume
4
DOI
https://doi.org/10.1186/s40064-015-1276-0 Open in new window
Repository
http://hdl.handle.net/2117/82044 Open in new window
URL
http://www.springerplus.com/content/4/1/503 Open in new window
Abstract
We assume a monopolistic market for a non-durable non-renewable resource such as crude oil, phosphates or fossil water. Stating the problem of obtaining optimal policies on extraction and pricing of the resource as a non-linear program allows general conclusions to be drawn under diverse assumptions about the demand curve, discount rates and length of the planning horizon. We compare the results with some common beliefs about the pace of exhaustion of this kind of resources.
Citation
Corominas, A., Fossas, E. Optimising the extraction rate of a non-durable non-renewable resource in a monopolistic market: a mathematical programming approach. "SpringerPlus", 17 Setembre 2015, vol. 4.
Keywords
Non-linear programming, Non-renewable resources, Optimal extraction rate, costs, depletion, exhaustible resources, hotelling rule, mineral economy, natural-resource, oil production, optimal exploration, prices, scarcity rent
Group of research
ACES - Advanced Control of Energy Systems
SCOM - Supply Chain and Operations Management

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