Exploration for an exhaustible natural resource is valuable because it produces information about the resource stock. The author models a duopoly-exhaustible resource industry with imperfect information about stock size as a two-period game, where each period is made up of an exploration stage...

The authors consider a common-property resource sold in imperfectly competitive markets. There is a dynamic externality (current harvests lower future stocks, raising future harvest costs) and a static (crowding) externality. Increasing industry size raises costs but lowers prices; thus, it has...

Variations in environmental conditions affect renewable resource growth. The ability to predict such variations is improving, providing scope for improved management. We generalize a common stochastic stock recruitment model to explore how optimal management changes with environmental...