Pindyck's model of exploration for, and production of, a
non-renewable resource (Pindyck 1978) is extended so that the
production cost function may depend separately on concurrently
available reserves and on the total amount of past production.
A method for obtaining the optimal trajectory of parameterised
specifications of the model is tested on elaborations of a
corrected version of the parameterised specification used by
Pindyck in his paper. The initial price for each simulation
is tabulated.SSHRC Canada and the Sloan School of Management, MI
