Cart (Loading....) | Create Account
Close category search window
 

Optimization of the Economy of an Oil-Producing Country

Sign In

Cookies must be enabled to login.After enabling cookies , please use refresh or reload or ctrl+f5 on the browser for the login options.

Formats Non-Member Member
$31 $13
Learn how you can qualify for the best price for this item!
Become an IEEE Member or Subscribe to
IEEE Xplore for exclusive pricing!
close button

puzzle piece

IEEE membership options for an individual and IEEE Xplore subscriptions for an organization offer the most affordable access to essential journal articles, conference papers, standards, eBooks, and eLearning courses.

Learn more about:

IEEE membership

IEEE Xplore subscriptions

3 Author(s)

A dynamic socioeconomic model of a small oil-producing country has been set up, based on a two-sector economy (oil sector and non-oil sector) and including population dynamics, internal consumption, and external investment. With the aid of a computer program, the model can be used to optimize the rates of oil production and investment in oil production. The criterion used for optimization is the present value of future income (including the worth of remaining oil reserves in the ground). Comparative results for a 50-year period are obtained, showing that optimum oil production peaks in the first 10-year period and drops gradually. The optimality of this production pattern is almost unaffected by different planning parameters, while the optimal schedule for investment in the oil sector is sensitive to other planning parameter choices.

Published in:

Systems, Man and Cybernetics, IEEE Transactions on  (Volume:11 ,  Issue: 11 )

Date of Publication:

Nov. 1981

Need Help?


IEEE Advancing Technology for Humanity About IEEE Xplore | Contact | Help | Terms of Use | Nondiscrimination Policy | Site Map | Privacy & Opting Out of Cookies

A not-for-profit organization, IEEE is the world's largest professional association for the advancement of technology.
© Copyright 2014 IEEE - All rights reserved. Use of this web site signifies your agreement to the terms and conditions.