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Extraction Costs in the Theory of Exhaustible Resources

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Author Info
Robert M. Solow
Frederic Y. Wan

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Abstract

This paper has two objectives. First, it reformulates the theory of optimal use of an exhaustible resource with more attention to the costs of extraction than has been customary in the literature. The output and shadow-price implications of optimal extraction are studied under these broader assumptions. Second, the paper provides some numerical solutions of a simple two-grade case, to give some feeling for the quantitative importance of changes in the supply of exhaustible resources. Our most striking result is, in fact, the suggestion that relatively large changes in resource availability generate very small changes in the sustainable level of final consumption.

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File URL: http://links.jstor.org/sici?sici=0361-915X%28197623%297%3A2%3C359%3AECITTO%3E2.0.CO%3B2-Y&origin=repec
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Publisher Info
Article provided by The RAND Corporation in its journal Bell Journal of Economics.

Volume (Year): 7 (1976)
Issue (Month): 2 (Autumn)
Pages: 359-370
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Handle: RePEc:rje:bellje:v:7:y:1976:i:autumn:p:359-370

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  1. A. fnMarvasti, 1996. "Reserve characteristics and mining costs An empirical study of the phosphate industry," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 7(4), pages 357-373, June. [Downloadable!] (restricted)
  2. Weiyu Gao & Peter Hartley & Robin Sickles, 2009. "Optimal dynamic production from a large oil field in Saudi Arabia," Empirical Economics, Springer, vol. 37(1), pages 153-184, September. [Downloadable!] (restricted)
  3. Mohtadi, Hamid & Roe, Terry, 1992. "Endogenous Growth, Health and the Environment," Bulletins 7521, University of Minnesota, Economic Development Center. [Downloadable!]
  4. Eismont Oleg & Kuralbaeva Karlygash, 1999. "Depletion of Natural Resources and Long-term Perspectives of the Russian Economy," EERC Working Paper Series 99-07e, EERC Research Network, Russia and CIS. [Downloadable!]
  5. 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 "Hotelling's rule repealed?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. [Downloadable!]
  6. Elin Berg, Snorre Kverndokk and Knut Einar Rosendahl, 1999. "Optimal Oil Exploration under Climate Treaties," Discussion Papers 245, Research Department of Statistics Norway. [Downloadable!]
  7. Eric Iksoon Im & Ujjayant Chakravorty & James Roumasset, 2005. "Discontinuous Extraction of a Nonrenewable Resource," Working Papers 200509, University of Hawaii at Manoa, Department of Economics. [Downloadable!]
    Other versions:
  8. Jean-Thomas Bernard, 1982. "L'exportation d'electricite par le Quebec," Canadian Public Policy, University of Toronto Press, vol. 8(3), pages 321-333, Summer. [Downloadable!] (restricted)
  9. Amigues, J-P & Favard, P, Gaudet, G & Moreaux, M, 1996. "On the Optimal Order of Natural Resource Use When the Capacity of the Inexhaustible Substitute is Limited," Cahiers de recherche 9628, Universite de Montreal, Departement de sciences economiques. [Downloadable!]
    Other versions:
  10. A. Marvasti, 2000. "Resource Characteristics, Extraction Costs, and Optimal Exploitation of Mineral Resources," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 17(4), pages 395-408, December. [Downloadable!] (restricted)
  11. Felipe Montt, 1982. "Un Modelo de Equilibrio Dinámico para Recursos Agotables," Cuadernos de Economía (Latin American Journal of Economics), Instituto de Economía. Pontificia Universidad Católica de Chile., vol. 19(57), pages 217-242. [Downloadable!]
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