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The Optimal Extraction Rate of Nonrenewable Resources for Nonlinear Demand Functions

Kramer, H.W.J. (2014) The Optimal Extraction Rate of Nonrenewable Resources for Nonlinear Demand Functions. Master's Thesis / Essay, Industrial Engineering and Management.

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Abstract

Given the fact that a mining company owns a money-generating stock of nonrenewable resources, it is in his best interest to maximize the profits generated by this resource. An intriguing matter is the optimal extraction rate of nonrenewable resources to maximize the net present value of future profits. This research extends previous work by addressing nonlinear demand functions in an optimal extraction model as means of proof of concept. A dynamical model, based on Pontryagin’s Maximum Principle has been developed in order to compute the optimal extraction path and run simulations.

Item Type: Thesis (Master's Thesis / Essay)
Degree programme: Industrial Engineering and Management
Thesis type: Master's Thesis / Essay
Language: English
Date Deposited: 15 Feb 2018 08:01
Last Modified: 15 Feb 2018 08:01
URI: http://fse.studenttheses.ub.rug.nl/id/eprint/12317

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