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Increasing Extraction Costs and Resource Prices: Some Further Results

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  • Donald A. Hanson
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    Abstract

    There has been considerable interest concerning the form of the efficiency price path when extraction costs increase over time. This paper presents a reasonable condition on the distribution of resources among cost grades which implies that the efficiency path is concave, with a relatively high initial price but a declining growth of price, and that the scarcity rent path decreases monotonically. The average scarcity rent path decreases monotonically. The average scarcity rent is also explicitly determined. Finally, a measure of resource scarcity is obtained on the basis of the current efficient competitive price of the resource.

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    Bibliographic Info

    Article provided by The RAND Corporation in its journal Bell Journal of Economics.

    Volume (Year): 11 (1980)
    Issue (Month): 1 (Spring)
    Pages: 335-342

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    Handle: RePEc:rje:bellje:v:11:y:1980:i:spring:p:335-342

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    Cited by:
    1. James Roumasset & Kimberly Burnett & Hua Wang, 2007. "Is China’s Growth Sustainable?," Working Papers 200723, University of Hawaii at Manoa, Department of Economics.
    2. Ronald H. Schmidt, 1988. "Hotelling's rule repealed? An examination of exhaustible resource pricing," Economic Review, Federal Reserve Bank of San Francisco, issue Fall, pages 41-54.
    3. Hoel, Michael & Jensen, Svenn, 2012. "Cutting costs of catching carbon—Intertemporal effects under imperfect climate policy," Resource and Energy Economics, Elsevier, vol. 34(4), pages 680-695.
    4. Halvorsen, Robert & Smith, Tim R, 1984. "On Measuring Natural Resource Scarcity," Journal of Political Economy, University of Chicago Press, vol. 92(5), pages 954-64, October.
    5. Hotel, Michael, 2008. "Bush Meets Hotelling: Effects of Improved Renewable Energy Technology on Greenhouse Gas Emissions," Memorandum 29/2008, Oslo University, Department of Economics.
    6. Endress, Lee H. & Roumasset, James A. & Zhou, Ting, 2005. "Sustainable growth with environmental spillovers," Journal of Economic Behavior & Organization, Elsevier, vol. 58(4), pages 527-547, December.
    7. Michael Hoel, 2008. "Bush Meets Hotelling: Effects of Improved Renewable Energy Technology on Greenhouse Gas Emissions," CESifo Working Paper Series 2492, CESifo Group Munich.
    8. Pickering, Andrew, 2008. "The oil reserves production relationship," Energy Economics, Elsevier, vol. 30(2), pages 352-370, March.
    9. Michael Hoel, 2010. "Climate Change and Carbon Tax Expectations," CESifo Working Paper Series 2966, CESifo Group Munich.

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