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Complexity and uncertainty associated with commodity resource valuation andextraction requires stochastic control methods suitable for high dimensionalstates. Recent progress in duality and trajectory-wise techniques hasintroduced a variety of fresh ideas to this field with surprising results. Thispaper presents a first application of this promising development to commodityextraction problems. We introduce efficient algorithms for obtainingapproximate solutions along with a diagnostic technique, which provides aquantitative measure for solution performance in terms of the distance betweenthe approximate and the optimal control policy.

Commodity Resource Valuation And Extraction: A Pathwise Programming Approach