Open AccessNUMERICAL ANALYSIS AND SIMULATION OF RESOURCE‐EXPLORATION MODELS
Author(s) -
FITZPATRICK BEN G.
Publication year - 2005
Publication title -
natural resource modeling
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.28
H-Index - 32
eISSN - 1939-7445
pISSN - 0890-8575
DOI - 10.1111/j.1939-7445.2005.tb00158.x
Subject(s) - resource (disambiguation) , computer science , process (computing) , convergence (economics) , resource consumption , feature (linguistics) , consumption (sociology) , jump , management science , risk analysis (engineering) , operations research , mathematical optimization , economics , ecology , mathematics , business , sociology , computer network , linguistics , philosophy , social science , physics , quantum mechanics , biology , economic growth , operating system
. In this paper, we examine models for exploration and consumption of resources. The fundamental feature of the models is the jump‐process nature of the exploration for and discovery of the resource. Several models have been proposed and analyzed in the literature. Here we provide numerical schemes, convergence properties, and some new models that provide risk‐averse policies to avoid depletion of the resource.