Value of Information in the Deterministic Optimal Resource Extraction Problem with Terminal Constraints

Ekaterina Viktorovna Gromova, Aisana Bolatbek

2023

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DOI 10.3390/app13020703

Data confidence 70 medium

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Abstract

In this paper, we consider a continuous-time differential game of non-renewable resource extraction with n players and assume that the terminal conditions of the game vary. To characterize the gain that the players obtain by using precise information, we use the notion of value of information in relation to the knowledge of terminal conditions. The stated problem is studied for two cases, a linear and a nonlinear one. The obtained results are illustrated for the real values of the parameters.