Optimal Poly-Metallic Mining
Optimal extraction paths from "multiple resource mines" - "multi-minerals mine"
The theory of optimal extraction of a natural (exhaustible) resource from a stock (a "mine") across time or across the time period of various generations, as developed by Hotelling and expanded by Hartwick, is well established within Resource Economics. The main aim of this part of Economics consists in resources in such a way that its economic value is highest for the entire extraction time period of the mine.
This PhD project by Tatsiana Piliptsevich (PhD Student with sponsorship by Heinrich Böll Foundation) deals with the economics of mining of several products from the same mine. There is very little knowledge and academic literature about this subject and, in particular, the bulk of resource economics deals with single-product mining and not with deposits containing several natural resources, not all of them with the same time preferences from the points of view of the users. The problem implies some complex mathematical modeling.