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Titlebook: Economic Theory of Natural Resources; W. Eichhorn,R. Henn,R. W. Shephard Conference proceedings 1982 Springer-Verlag Berlin Heidelberg 198

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The Importance of Learning in Planning with Exhaustible Resourceshe society might plan to consume any amount of resource at any time. The social welfare obtained from any program is the discounted sum of instantaneous utility levels weighted at each moment by the probability of the resource not being exhausted up to that instant.
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https://doi.org/10.1007/978-3-663-05207-4irm extracting from a single resource. It is further assumed that there is an aggregate technology set and that the optimization of the present value of net receipts of a firm subject to the technology set characterizes the optimal movement over time of the aggregate extraction rate and the resource stock.
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