A multi-stage dynamic decision-making model of mine resources exploitation with many running units—theoretical analysis

In the case of mineral resources being exploited by many running units, the right of the mineral resources is shared by them all. Since no agreement on allocation of exploitation right is done, they are in a non-cooperative competition situation. This paper first puts forth a multi-stage dynamic decision-making model of mineral resources corresponding to different technology levels of the running units, and then gives the optimal decision-making on exploitation and the ideal allocation of exploitation right by a special case of this model, which can lead to the maximum profit over the exploitation term of the mine resources.