Munich Personal RePEc Archive

Variation principles for modeling in resource economics

Bazhanov, Andrei (2005): Variation principles for modeling in resource economics. Published in: Vestnik DVO RAN No. 6 (December 2006): pp. 5-13.

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A technique for the construction of the model of nonrenewable resources depletion is offered. The approach is based on the assumption of the fulfillment of a variation principle. The model adequacy is examined with respect to world oil extraction data from 1859 to 2005. The possibilities of the use of the model in forecasting problems and in construction of the path of extraction, satisfying the intergenerational justice principle are discussed. Empirical justification of the hypothesis of the fulfillment of the Hamilton principle in resource economics gives an opportunity of the use of some laws of mechanics in economics.

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