Kama, Alain Ayong Le - In: Economic Theory 18 (2001) 3, pp. 745-752
We extend the Beltratti, Chichilnisky and Heal's (1993) and (1998) continuous-time stochastic dynamic framework to analyze the optimal depletion of an asset whose consumption is irreversible, in the face of uncertainty about future preferences. Their model is rather general and so the results...