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On the Estimation of the Initial Stock in the Problem of Resource Extraction. / Tur, Anna ; Gromova, Ekaterina ; Gromov, Dmitry .
в: Mathematics, Том 9, № 23, 3099, 01.12.2021.Результаты исследований: Научные публикации в периодических изданиях › статья › Рецензирование
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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
N1 - Publisher Copyright: © 2021 by the authors. Licensee MDPI, Basel, Switzerland.
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