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Hotelling's "Economics of Exhaustible Resources": Fifty Years Later

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  • Devarajan, Shantayanan
  • Fisher, Anthony C
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    Bibliographic Info

    Article provided by American Economic Association in its journal Journal of Economic Literature.

    Volume (Year): 19 (1981)
    Issue (Month): 1 (March)
    Pages: 65-73

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    Handle: RePEc:aea:jeclit:v:19:y:1981:i:1:p:65-73

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    References

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    1. Arrow, Kenneth J. & Chang, Sheldon, 1982. "Optimal pricing, use, and exploration of uncertain natural resource stocks," Journal of Environmental Economics and Management, Elsevier, vol. 9(1), pages 1-10, March.
    2. Richard L. Gordon, 1967. "A Reinterpretation of the Pure Theory of Exhaustion," Journal of Political Economy, University of Chicago Press, vol. 75, pages 274.
    3. Solow, Robert M, 1974. "The Economics of Resources or the Resources of Economics," American Economic Review, American Economic Association, vol. 64(2), pages 1-14, May.
    4. Hnyilicza, Esteban & Pindyck, Robert S., 1976. "Pricing policies for a two-part exhaustible resource cartel : The case of OPEC," European Economic Review, Elsevier, vol. 8(2), pages 139-154, August.
    5. Richard J. Gilbert, 1978. "Dominant Firm Pricing Policy in a Market for an Exhaustible Resource," Bell Journal of Economics, The RAND Corporation, vol. 9(2), pages 385-395, Autumn.
    6. Burness, H. Stuart, 1976. "On the taxation of nonreplenishable natural resources," Journal of Environmental Economics and Management, Elsevier, vol. 3(4), pages 289-311, December.
    7. Weitzman, Martin L., 1976. "The optimal development of resource pools," Journal of Economic Theory, Elsevier, vol. 12(3), pages 351-364, June.
    8. Kemp, Murray C & Long, Ngo Van, 1980. "On Two Folk Theorems Concerning the Extraction of Exhaustible Resources," Econometrica, Econometric Society, vol. 48(3), pages 663-73, April.
    9. Schulze, William D., 1974. "The optimal use of non-renewable resources: The theory of extraction," Journal of Environmental Economics and Management, Elsevier, vol. 1(1), pages 53-73, May.
    10. Gilbert, Richard J, 1979. "Optimal Depletion of an Uncertain Stock," Review of Economic Studies, Wiley Blackwell, vol. 46(1), pages 47-57, January.
    11. Hartwick, John M, 1978. "Exploitation of Many Deposits of an Exhaustible Resource," Econometrica, Econometric Society, vol. 46(1), pages 201-17, January.
    12. Lewis, Tracy R., 1976. "Monopoly exploitation of an exhaustible resource," Journal of Environmental Economics and Management, Elsevier, vol. 3(3), pages 198-204, October.
    13. Glenn C. Loury, 1977. "The Optimal Exploitation of an Unknown Reserve," Discussion Papers 255, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
    14. Geoffrey Heal, 1976. "The Relationship Between Price and Extraction Cost for a Resource with a Backstop Technology," Bell Journal of Economics, The RAND Corporation, vol. 7(2), pages 371-378, Autumn.
    15. Long, Ngo Van, 1975. "Resource extraction under the uncertainty about possible nationalization," Journal of Economic Theory, Elsevier, vol. 10(1), pages 42-53, February.
    16. Levhari, David & Pindyck, Robert S, 1981. "The Pricing of Durable Exhaustible Resources," The Quarterly Journal of Economics, MIT Press, vol. 96(3), pages 365-77, August.
    17. Gilbert, Richard J. & Goldman, Steven M., 1978. "Potential competition and the monopoly price of an exhaustible resource," Journal of Economic Theory, Elsevier, vol. 17(2), pages 319-331, April.
    18. Cremer, Jacques & Weitzman, Martin L., 1976. "OPEC and the monopoly price of world oil," European Economic Review, Elsevier, vol. 8(2), pages 155-164, August.
    19. Weinstein, Milton C & Zeckhauser, Richard J, 1975. "The Optimal Consumption of Depletable Natural Resources," The Quarterly Journal of Economics, MIT Press, vol. 89(3), pages 371-92, August.
    20. Robert M. Solow & Frederic Y. Wan, 1976. "Extraction Costs in the Theory of Exhaustible Resources," Bell Journal of Economics, The RAND Corporation, vol. 7(2), pages 359-370, Autumn.
    21. Stiglitz, Joseph E, 1976. "Monopoly and the Rate of Extraction of Exhaustible Resources," American Economic Review, American Economic Association, vol. 66(4), pages 655-61, September.
    22. Lewis, T. R., 1976. "Attitudes Toward Risk and the Optimal Exploitation of an Exhaustible Resource," Working Papers 103, California Institute of Technology, Division of the Humanities and Social Sciences.
    23. Michael Hoel, 1978. "Resource Extraction, Uncertainty, and Learning," Bell Journal of Economics, The RAND Corporation, vol. 9(2), pages 642-645, Autumn.
    24. Stewart, Marion B, 1980. "Monopoly and the Intertemporal Production of a Durable Extractable Resource," The Quarterly Journal of Economics, MIT Press, vol. 94(1), pages 99-111, February.
    25. Salant, Stephen W, 1976. "Exhaustible Resources and Industrial Structure: A Nash-Cournot Approach to the World Oil Market," Journal of Political Economy, University of Chicago Press, vol. 84(5), pages 1079-93, October.
    26. Pindyck, Robert S, 1978. "Gains to Producers from the Cartelization of Exhaustible Resources," The Review of Economics and Statistics, MIT Press, vol. 60(2), pages 238-51, May.
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    Cited by:
    1. John T. Cuddington & Diana L. Moss, 2001. "Technological Change, Depletion, and the U.S. Petroleum Industry," American Economic Review, American Economic Association, vol. 91(4), pages 1135-1148, September.
    2. Eduardo Engel & Ronald Fischer, 2008. "Optimal Resource Extraction Contracts Under Threat of Expropriation," NBER Working Papers 13742, National Bureau of Economic Research, Inc.
    3. Blose, Laurence E. & Shieh, Joseph C. P., 1995. "The impact of gold price on the value of gold mining stock," Review of Financial Economics, Elsevier, vol. 4(2), pages 125-139.
    4. Emilio Cerdá & Francisco J. André, 2001. "Optimal Substitution Of Renewable And Nonrenewable Natural Resources In Production," Working Papers. Serie AD 2001-14, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).
    5. Rouillon, Sébastien, 2013. "A simple characterization of the optimal extraction policy of a non-renewable resource when extraction cost is stock-independent," Energy Economics, Elsevier, vol. 37(C), pages 100-103.
    6. Reynolds, Douglas B., 2013. "Uncertainty in exhaustible natural resource economics: The irreversible sunk costs of Hotelling," Resources Policy, Elsevier, vol. 38(4), pages 532-541.
    7. Fischer, Carolyn & Laxminarayan, Ramanan, 2005. "Sequential development and exploitation of an exhaustible resource: do monopoly rights promote conservation?," Journal of Environmental Economics and Management, Elsevier, vol. 49(3), pages 500-515, May.
    8. Brazee, Richard J. & Southgate, Douglas, 1993. "A Mathematical Model For Developing Ethno-Biologically Diverse Tropical Forests," Working Papers 11895, Environmental and Natural Resources Policy Training Project.
    9. Michael Dooley & David Folkerts-Landau & Peter Garber, 2005. "Direct investment, rising real wages and the absorption of excess labor in the periphery," Proceedings, Federal Reserve Bank of San Francisco, issue Feb.
    10. John T. Cuddington & Diana L. Moss, 1996. "The Finding Cost of Natural Gas: Technological Change versus Resource Depletion," Microeconomics 9610004, EconWPA, revised 30 Jul 1998.
    11. Sudhakar D. Deshmukh & Stanley R. Pliskaf, 1983. "A Martingale Characterization of the Price of a Nonrenewable Resource with Decisions Involving Uncertainty," Discussion Papers 565, Northwestern University, Center for Mathematical Studies in Economics and Management Science.

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