This paper develops a model of optimal timing in the exploration and development of mineral deposits. The model is used to analyze Federal public lands mineral resource management systems and to offer some rules for optimal administration within those systems. In particular, it is shown that there are optimal financial terms which, together with an open access policy and strict diligence enforcement, are theoretically capable of producing efficient timing in both exploration and development of mineral deposits on the public lands.
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Volume (Year): 11 (1980) Issue (Month): 2 (Autumn) Pages: 448-465 Download reference. The following formats are available: HTML
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