On the Estimation of the Initial Stock in the Problem of Resource Extraction

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On the Estimation of the Initial Stock in the Problem of Resource Extraction. / Tur, Anna ; Gromova, Ekaterina ; Gromov, Dmitry .

In: Mathematics, Vol. 9, No. 23, 3099, 01.12.2021.

Research output: Contribution to journal › Article › peer-review

BibTeX

@article{fbd4af48f284446e8207e1bca154699d,

title = "On the Estimation of the Initial Stock in the Problem of Resource Extraction",

abstract = "We consider a differential game of non-renewable resource extraction, in which the players do not know the precise value of the resource stock and, thus, have to make an estimate. We define the value of information about the initial stock and give recommendations for the choice of the estimate depending on the parameters of the problem. Further, we consider the situation where the players only know the bounds for the stock of the resource and solve the problem of computing the optimal estimate, such that it minimizes the players{\textquoteright} losses in the worst-case scenario. The analysis allows us to give a simple rule for the choice of the optimal estimate of the resource stock.",

keywords = "Cooperative solution, Differential game, Imperfect information, Non-renewable resource extraction, Value of information",

author = "Anna Tur and Ekaterina Gromova and Dmitry Gromov",

note = "Publisher Copyright: {\textcopyright} 2021 by the authors. Licensee MDPI, Basel, Switzerland.",

year = "2021",

month = dec,

day = "1",

doi = "10.3390/math9233099",

language = "English",

volume = "9",

journal = "Mathematics",

issn = "2227-7390",

publisher = "MDPI AG",

number = "23",

}

RIS

TY - JOUR

T1 - On the Estimation of the Initial Stock in the Problem of Resource Extraction

AU - Tur, Anna

AU - Gromova, Ekaterina

AU - Gromov, Dmitry

PY - 2021/12/1

Y1 - 2021/12/1

N2 - We consider a differential game of non-renewable resource extraction, in which the players do not know the precise value of the resource stock and, thus, have to make an estimate. We define the value of information about the initial stock and give recommendations for the choice of the estimate depending on the parameters of the problem. Further, we consider the situation where the players only know the bounds for the stock of the resource and solve the problem of computing the optimal estimate, such that it minimizes the players’ losses in the worst-case scenario. The analysis allows us to give a simple rule for the choice of the optimal estimate of the resource stock.

AB - We consider a differential game of non-renewable resource extraction, in which the players do not know the precise value of the resource stock and, thus, have to make an estimate. We define the value of information about the initial stock and give recommendations for the choice of the estimate depending on the parameters of the problem. Further, we consider the situation where the players only know the bounds for the stock of the resource and solve the problem of computing the optimal estimate, such that it minimizes the players’ losses in the worst-case scenario. The analysis allows us to give a simple rule for the choice of the optimal estimate of the resource stock.

KW - Cooperative solution

KW - Differential game

KW - Imperfect information

KW - Non-renewable resource extraction

KW - Value of information

UR - http://www.scopus.com/inward/record.url?scp=85120730565&partnerID=8YFLogxK

UR - https://www.mendeley.com/catalogue/29ac404e-dbe4-3df3-a923-d63616460421/

U2 - 10.3390/math9233099

DO - 10.3390/math9233099

M3 - Article

VL - 9

JO - Mathematics

JF - Mathematics

SN - 2227-7390

IS - 23

M1 - 3099

ER -

ID: 88983685