A martingale characterization of the price of a nonrenewable resource with decisions involving uncertainty

Optimal transition to backstop substitutes for nonrenewable resources

“…Kamien andSchwartz (1971, 1978), and Dasgupta, Heal and Majumdar (1977) incorporated endogenous R&D efforts that accumulate in the form of knowledge to affect the probability of developing a competitive backstop. Deshmukh and Pliska (1985) add exploration activities and synthesize the different models within a unified framework of analysis.…”

The Economics of Exploration for Non‐renewable Resources

“…fl 3. Under the assumption that the uncerinty is about the time of occurrence of a specified single event, Deshmukh and Pliska (1985) find a formal equivalence among three categories of uncertainty, including the two being distinguished here. However, exploration also involves uncertainty about the quantity of a resource discovered and its quality.…”

“…The influence of depletion -recourse to lower quality sources of supply -on prices and consumption is modelled by Peterson (1978), Pindyck (1978Pindyck ( , 1980, Deshmukh and Pliska (1983), and Livernois and Uhler (1987). What the present author would consider to be the Ricardian perspective -that sources of differing quality are explored and exploited at the same time -is modelled (under certainty) by Kemp and Long (1980~).…”

“…Quyen (1988Quyen ( , 1989 presents elegant generalizations of these results. Deshmukh andPliska (1980, 1983) envisage a socially managed, essential resource.' The time and size of a discovery are uncertain.…”

Fossil groundwater resources as a basis for arid zone development?

“…Arrow and Chang (1980) incorporate exploration activities into the unknown reserve model. The work of Deshmukh and Pliska (1985) is perhaps the most comprehensive study to date of the exploration and depletion of a reserve under uncertainty.…”