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Technology Adoption in Nonrenewable Resource Management

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Abstract

Nonrenewable resource scarcity has been a traditional concern when designing optimal growth models. Technological change has played an important role in those models, since its presence is assumed to mitigate the depletion effect on extraction paths over time. We formalize the general problem of a competitive nonrenewable resource extracting firm to analyze optimal extraction behavior and technology adoption when adoption is costly, both in a deterministic and a stochastic environment, when the firm either anticipates adoption or not. Based on a quadratic extraction cost function, our results do not support the traditional view according to which the firm will only incur in an adoption cost when the stock is depleted enough.

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Paper provided by Centro de Estudios Andaluces in its series Economic Working Papers at Centro de Estudios Andaluces with number E2004/16.

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Length: 46 pages
Date of creation: 2004
Date of revision:
Handle: RePEc:cea:doctra:e2004_16

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Keywords: nonrenewable resources; technology adoption; depletion effect; cost of adoption.;

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  1. Bronwyn H. Hall & Beethika Khan, 2003. "Adoption of New Technology," NBER Working Papers 9730, National Bureau of Economic Research, Inc.
  2. Balcer, Yves & Lippman, Steven A., 1984. "Technological expectations and adoption of improved technology," Journal of Economic Theory, Elsevier, vol. 34(2), pages 292-318, December.
  3. Farzin, Y.H. & Huisman, K.J.M. & Kort, P.M., 1996. "Optimal Timing of Technology Adoption," Discussion Paper 1996-72, Tilburg University, Center for Economic Research.
  4. Farzin Y. H., 1995. "Technological Change and the Dynamics of Resource Scarcity Measures," Journal of Environmental Economics and Management, Elsevier, vol. 29(1), pages 105-120, July.
  5. Pindyck, Robert S., 2002. "Optimal timing problems in environmental economics," Journal of Economic Dynamics and Control, Elsevier, vol. 26(9-10), pages 1677-1697, August.
  6. Dasgupta, Partha, 1993. "Natural resources in an age of substitutability," Handbook of Natural Resource and Energy Economics, in: A. V. Kneese† & J. L. Sweeney (ed.), Handbook of Natural Resource and Energy Economics, edition 1, volume 3, chapter 23, pages 1111-1130 Elsevier.
  7. Pindyck, Robert S, 1978. "The Optimal Exploration and Production of Nonrenewable Resources," Journal of Political Economy, University of Chicago Press, vol. 86(5), pages 841-61, October.
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