On stockpiling natural resources
AbstractPersistent and significant privately held stockpiles of minerals have long been an important empirical regularity in the United States. Such stockpiles would not rationally be held in a traditional Hotelling-style model, though firms could be willing to hold inventories if extraction costs are stock-dependent. More plausibly, if prices are stochastic, and sufficiently volatile, firms have an incentive to hold inventories to smooth production over time.
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Bibliographic InfoArticle provided by Elsevier in its journal Resource and Energy Economics.
Volume (Year): 33 (2011)
Issue (Month): 2 (May)
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Web page: http://www.elsevier.com/locate/inca/505569
Resource economics Stochastic dynamic optimization;
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