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Un Modelo de Equilibrio Dinámico para Recursos Agotables

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Author Info
Felipe Montt
Abstract

The paper presents dynamic equilibrium models for natural resources in a stochastic Framework. The basic model considers a competitive producer that maximizes the expected present value of profits from mining a exhaustible resource and computes the rational expectations equilibrium. The purpose of the paper is to develop an estimable model. In the first section we present a brief survey of the literature with some emphasis in the theoretical literature. In the second section we present the basic model and compute the optimal paths of extraction, costs and prices. Optimal Linear Control is used to obtain, through the use of recursive methods, the rational expectations implied paths of the variables. In the third section a particular method of solution of the model is discussed. Finally, in the last section we draw some conclusions.

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Article provided by Instituto de Economía. Pontificia Universidad Católica de Chile. in its journal Cuadernos de Economía.

Volume (Year): 19 (1982)
Issue (Month): 57 ()
Pages: 217-242
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Handle: RePEc:ioe:cuadec:v:19:y:1982:i:57:p:217-242

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  1. 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. [Downloadable!] (restricted)
  2. 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. [Downloadable!] (restricted)
  3. Lewis, Tracy R & Matthews, Steven A & Burness, H Stuart, 1979. "Monopoly and the Rate of Extraction of Exhaustible Resources: Note," American Economic Review, American Economic Association, vol. 69(1), pages 227-30, March.
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  4. Deshmukh, Sudhakar D & Pliska, Stanley R, 1980. "Optimal Consumption and Exploration of Nonrenewable Resources under Uncertainty," Econometrica, Econometric Society, vol. 48(1), pages 177-200, January. [Downloadable!] (restricted)
  5. Hansen, Lars Peter & Sargent, Thomas J., 1980. "Formulating and estimating dynamic linear rational expectations models," Journal of Economic Dynamics and Control, Elsevier, vol. 2(1), pages 7-46, May. [Downloadable!] (restricted)
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  6. 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. [Downloadable!] (restricted)
  7. Loury, Glenn C, 1978. "The Optimal Exploitation of an Unknown Reserve," Review of Economic Studies, Blackwell Publishing, vol. 45(3), pages 621-36, October. [Downloadable!] (restricted)
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  8. Lucas, Robert E, Jr, 1978. "Asset Prices in an Exchange Economy," Econometrica, Econometric Society, vol. 46(6), pages 1429-45, November. [Downloadable!] (restricted)
  9. Peterson, Frederick M., 1978. "A model of mining and exploring for exhaustible resources," Journal of Environmental Economics and Management, Elsevier, vol. 5(3), pages 236-251, September. [Downloadable!] (restricted)
  10. Tullock, Gordon, 1979. "Monopoly and the Rate of Extraction of Exhaustible Resources: Note," American Economic Review, American Economic Association, vol. 69(1), pages 231-33, March. [Downloadable!] (restricted)
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