Ekeland, Ivar; Schlenker, Wolfram; Tankov, Peter; … - National Bureau of Economic Research - 2022
We address the long-standing challenge of adding optimal exploration to the classic Hotelling model of a non … along this critical threshold indicate more scarcity, not less. In a stochastic generalization of Hotelling's rule, the … histories reject Hotelling's rule. Starting when the unexplored area is sufficiently close to zero, all price paths rise at less …