Hagan, P. S.; Woodward, D. E.; Caflisch, Russel E.; Keller, J. B. Optimal pricing, use and exploration of uncertain natural resources. (Russian) Zbl 1075.91536 Obozr. Prikl. Prom. Mat. 2, No. 5, 795-822 (1995). From the text: Arrow’s mathematical model of randomly distributed natural resources consumption and exploration of new deposits wis developed. The current price of resource is formulated with some limitations on an area of unexplored land and on the quantity of expected reserve resources. Expectations of new resources are presented alongside with calculated dispersion. Optimal strategies are found on the ground of a dynamic programming approach. Several cases are considered, starting from success-predetermined exploration and then particular cases with progressively varying expectation parameter from arbitrary small to moderate and large ones. Numerical solutions are presented. MSC: 91B24 Microeconomic theory (price theory and economic markets) 91B62 Economic growth models 91B76 Environmental economics (natural resource models, harvesting, pollution, etc.) 62M20 Inference from stochastic processes and prediction Keywords:optimal pricing; dynamic programming PDFBibTeX XMLCite \textit{P. S. Hagan} et al., Obozr. Prikl. Prom. Mat. 2, No. 5, 795--822 (1995; Zbl 1075.91536)