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Contributions to Game Theory and Management, 2012, Volume 5, Pages 147–155 (Mi cgtm155)  
This article is cited in 2 scientific papers (total in 2 papers)

A Differential Game-Based Approach to Extraction of Exhaustible Resource with Random Terminal Instants

Sergey Kostyunina, Arsen Palestinib, Ekaterina Shevkoplyasa

a Faculty of Applied Mathematics, St. Petersburg University, University pr., 35, Petrodvorets, 198904, St. Petersburg, Russia
b MEMOTEF, Sapienza University of Rome, Via del Castro Laurenziano 9, 00161 Rome, Italy
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Abstract: We investigate a noncooperative differential game in which two firms compete in extracting a unique nonrenewable resource over time. The respective times of extraction are random and after the first firm finishes extraction, the remaining one continues and gets the final reward for winning. An example is introduced where the optimal feedback strategy, i.e. the optimal extraction rate, is calculated in a closed form.
Keywords: Differential game, exhaustible resources, random terminal time, Hamilton–Jacobi–Bellman equation.
Document Type: Article
Language: English
Citation: Sergey Kostyunin, Arsen Palestini, Ekaterina Shevkoplyas, “A Differential Game-Based Approach to Extraction of Exhaustible Resource with Random Terminal Instants”, Contributions to Game Theory and Management, 5 (2012), 147–155
Citation in format AMSBIB
\Bibitem{KosPalShe12}
\by Sergey~Kostyunin, Arsen~Palestini, Ekaterina~Shevkoplyas
\paper A Differential Game-Based Approach to Extraction of Exhaustible Resource with Random Terminal Instants
\jour Contributions to Game Theory and Management
\yr 2012
\vol 5
\pages 147--155
\mathnet{http://mi.mathnet.ru/cgtm155}
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    • This publication is cited in the following 2 articles:
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