Journal ArticleDOI
Optimal Pricing, Use and Exploration of Uncertain Natural Resource Stocks.
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TLDR
The classic Hotelling model of exploitation of exhaustible resources assumes in its simplest form that the stock of the resource is known from the beginning, and if there are no extraction costs, then the shadow prices associated with an optimal extraction policy rise at the rate of the market rate of interest as mentioned in this paper.About:
This article is published in Journal of Environmental Economics and Management.The article was published on 1982-03-01. It has received 140 citations till now. The article focuses on the topics: Shadow price & Supply and demand.read more
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Nonrenewable Resource Scarcity
TL;DR: In this article, the authors review theoretical extensions and empirical investigations of resource extraction models and examine the implications of non-renewable resource scarcity for economic growth, given the persistent recurrence of concern about non- renewable resource scarcity and the empirical evidence for the time trends of those measures.
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Uncertainty and exhaustible-resource markets
TL;DR: In this paper, a simple model of an exhaustible resource market by allowing the demand function and the reserve level to fluctuate via continuous-time stochastic processes is presented, where producers always know current demand and reserve but do not know what demand and reserves will be in the future.
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Economic indicators of resource scarcity: A critical essay
TL;DR: The theoretical arguments of the conceptual and empirical literature on economic indicators of long run resource scarcity are logically flawed as mentioned in this paper, and there is no way of knowing whether resource allocators are informed or not unless we already know whether resources are scarce.
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Natural resource economics under the rule of Hotelling
TL;DR: A method for stabilizing a spinal motion segment by boring and excising an opening in a disc nucleus, inserting a fabric bag having a pore size between about 0.25 and 5.0 mm, packing the bag with a graft medium until the bag is a rigid self-retaining shape, then closing the bag.
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Book
A first course in stochastic processes
Samuel Karlin,Howard M. Taylor +1 more
TL;DR: In this paper, the Basic Limit Theorem of Markov Chains and its applications are discussed and examples of continuous time Markov chains are presented. But they do not cover the application of continuous-time Markov chain in matrix analysis.
Journal ArticleDOI
The Economics of Exhaustible Resources
TL;DR: In this article, a discussion is confined in scope to absolutely irreplaceable assets, including peculiar problems of mineral wealth, free competition, maximum social value and state regulation, monopoly, value of a mine monopoly, retardation of production under monopoly, price effects from cumulated production, and the author's mathematically derived optimum solutions.
Journal ArticleDOI
The Optimal Exploration and Production of Nonrenewable Resources
TL;DR: In this article, the authors used the RANN Division of the National Science Foundation (NSF) under Grant # NSF SIA-00739 and by the Electric Power Research Institute (EPI) under grant # RP871-1.
Journal ArticleDOI
Optimal Depletion of an Uncertain Stock
TL;DR: In this paper, the optimal extraction from a resource stock of uncertain size is analyzed under conditions of certainty. But the authors consider the case when there are no opportunities for exploration or storage of the resource, and they show that if storage costs are negligible or if the marginal value is unbounded, it is always optimal to invest in exploration in order to maintain a known reserves.