Steady-state growth in a Hotelling model of resource extraction.
This paper re-examines the Hotelling model of optimal nonrenewable resource extraction in light of stock effects and technological progress. We assume functional forms for cost and demand so that the solution to the Hotelling problem is a steady-state consistent with the empirical observation that t...
| Published in: | Journal of Environmental Economics & Management Vol. 54; no. 1; pp. 68 - 84 |
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| Main Authors: | , |
| Format: | Article |
| Published: |
Academic Press Inc.
July 2007
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| Subjects: | |
| Online Access: | View this record in EBSCOhost |
| fields | @attributes: recordID: 1 pdfLink: plink: https://search.ebscohost.com/login.aspx?direct=true&db=ssf&AN=511334770&site=ehost-live header: @attributes: shortDbName: ssf uiTerm: 511334770 longDbName: Social Sciences Full Text (H.W. Wilson) uiTag: AN controlInfo: bkinfo: jinfo: jid: 00950696 EEM jtl: Journal of Environmental Economics & Management issn: 00950696 maglogo: N pubinfo: dt: July 2007 vid: 54 iid: 1 pid: 735 pub: Academic Press Inc. artinfo: ui: 511334770 10.1016/j.jeem.2006.12.001 ppf: 68 ppct: 16 formats: tig: atl: Steady-state growth in a Hotelling model of resource extraction. aug: au: Lin, C.-Y. Cynthia Wagner, Gernot su: Hotelling, Harold, 1895-1973 Mathematical models Resource exploitation Minerals Natural resources Prices sug: subj: Mathematical models Resource exploitation Minerals Natural resources Prices Hotelling, Harold, 1895-1973 ab: This paper re-examines the Hotelling model of optimal nonrenewable resource extraction in light of stock effects and technological progress. We assume functional forms for cost and demand so that the solution to the Hotelling problem is a steady-state consistent with the empirical observation that the growth rates of market prices have remained zero over a long period of time. We use data on 14 minerals from 1970 to 2004 to estimate the supply and demand functions using SUR and 3SLS and to test the model. We validate the model for 8 of 14 minerals. Copyright (c) 2007 Elsevier Inc. pubtype: Academic Journal doctype: Article src: R language: English refInfo: copyright: @attributes: flag: N holdings: @attributes: islocal: N |
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