Abstract
In this chapter three applications of dynamic programming to the management of inanimate natural resources are discussed. In the first section the optimality conditions derived analytically using the dynamic programming approach in Chapter 1 are applied to the decision on how much of an exhaustible resource to mine through time. The optimality conditions for mining subject to uncertainty, and for combined mining and exploration, are also considered.
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© 1986 Elsevier Applied Science Publishers Ltd
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Kennedy, J.O.S. (1986). Land Management. In: Dynamic Programming. Springer, Dordrecht. https://doi.org/10.1007/978-94-009-4191-5_8
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DOI: https://doi.org/10.1007/978-94-009-4191-5_8
Publisher Name: Springer, Dordrecht
Print ISBN: 978-94-010-8362-1
Online ISBN: 978-94-009-4191-5
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