THE OPTIMAL CONSUMPTION OF DEPLETABLE NATURAL RESOURCES.
The article states that, under certain standard simplifying assumptions, the consumption stream of a depletable, nonreclaimable, nonreproducible resource that is produced by competitive market behavior does, in fact coincide with the socially efficient consumption stream in the U.S. In response to t...
| Publicado en: | Quarterly Journal of Economics Vol. 89; no. 3; pp. 371 - 393 |
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| Autores principales: | , |
| Formato: | Artículo |
| Publicado: |
Oxford University Press / USA
Aug75
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| Acceso en línea: | Ver este registro en EBSCOhost |
| fields | @attributes: recordID: 1 pdfLink: plink: https://search.ebscohost.com/login.aspx?direct=true&db=hlh&AN=4625256&site=ehost-live header: @attributes: shortDbName: hlh uiTerm: 4625256 longDbName: Humanities International Complete uiTag: AN controlInfo: bkinfo: jinfo: jid: 00335533 QJE jtl: Quarterly Journal of Economics issn: 00335533 maglogo: N pubinfo: dt: Aug75 vid: 89 iid: 3 pid: 622 pub: Oxford University Press / USA artinfo: ui: 4625256 10.2307/1885258 ppf: 371 ppct: 22 formats: tig: atl: THE OPTIMAL CONSUMPTION OF DEPLETABLE NATURAL RESOURCES. aug: au: Weinstein, Milton C. Zeckhauser, Richard J. affil: Harvard University su: Consumption (Economics) Competition Environmental policy Externalities Economic demand sug: subj: Consumption (Economics) Competition Environmental policy Externalities Economic demand ab: The article states that, under certain standard simplifying assumptions, the consumption stream of a depletable, nonreclaimable, nonreproducible resource that is produced by competitive market behavior does, in fact coincide with the socially efficient consumption stream in the U.S. In response to these fears the government is enacting an increasing number of policy measures that would slow down the rate of consumption of such natural resources. One example of such a measure is the provision in the National Environmental Policy Act that requires all Federal agencies to identify for all proposed projects any irreversible and irretrievable commitments of resources which would be involved. The clear implication is that the market prices of such commodities do not reflect long-run social cost and that the government must price these commodities de novo in each instance in order to capture their value to the future. Consumer demand is assumed to be separable by time period. It is more difficult, but nevertheless possible, to see that the same equilibrium holds if either one of the assumptions about perfect information or zero storage cost is not satisfied. If suppliers have perfect foresight of demand, but consumers must use what they purchase in the period of purchase then the individual supply functions remain the same, while the demand functions become the consumption demand functions pubtype: Academic Journal doctype: Article src: R language: English refInfo: copyright: @attributes: flag: Y dt: @attributes: year: 1975 holdings: @attributes: islocal: N |
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