Non-Renewable Resource Extraction Model with Uncertainties

This paper delves into a multi-player non-renewable resource extraction differential game model, where the duration of the game is a random variable with a composite distribution function. We first explore the conditions under which the cooperative solution also constitutes a Nash equilibrium, thereby extending the theoretical framework from a fixed duration to the more complex and realistic setting of random duration. Assuming that players are unaware of the switching moment of the distribution function, we derive optimal estimates in both time-dependent and state-dependent cases. The findings contribute to a deeper understanding of strategic decision-making in resource extraction under uncertainty and have implications for various fields where random durations and cooperative strategies are relevant.