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Discontinuous Extraction of a Nonrenewable Resource

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Author Info
Eric Iksoon Im (Department of Economics, University of Hawaii at Hilo)
Ujjayant Chakravorty (Department of Economics, University of Central Florida, Orlando)
James Roumasset () (Department of Economics, University of Hawaii at Manoa)

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Abstract

This paper examines the sequence of optimal extraction of nonrenewable resources in the presence of multiple demands. We provide conditions under which extraction of a nonrenewable resource may be discontinuous over the course of its depletion.

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File URL: http://www.economics.hawaii.edu/research/workingpapers/WP_05-9.pdf
File Format: application/pdf
File Function: First version, 2004
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Publisher Info
Paper provided by University of Hawaii at Manoa, Department of Economics in its series Working Papers with number 200509.

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Length: 11 pages
Date of creation: 2005
Date of revision:
Handle: RePEc:hai:wpaper:200509

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Related research
Keywords: backstop technology; dynamic optimization; energy resources; Herfindahl principle; multiple demands;

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Find related papers by JEL classification:
Q3 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation
Q4 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Lewis, Tracy R, 1982. "Sufficient Conditions for Extracting Least Cost Resource First," Econometrica, Econometric Society, vol. 50(4), pages 1081-83, July. [Downloadable!] (restricted)
  2. Kemp, Murray C & Long, Ngo Van, 1980. "On Two Folk Theorems Concerning the Extraction of Exhaustible Resources," Econometrica, Econometric Society, vol. 48(3), pages 663-73, April. [Downloadable!] (restricted)
  3. 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)
  4. Ujjayant Chakravorty & Darrell Krulce & James Roumasset, 2003. "Specialization and Nonrenewable Resources: Ricardo meets Ricardo," Emory Economics 0305, Department of Economics, Emory University (Atlanta). [Downloadable!]
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  5. Gerard Gaudet & Michel Moreaux & Stephen W. Salant, 2001. "Intertemporal Depletion of Resource Sites by Spatially Distributed Users," American Economic Review, American Economic Association, vol. 91(4), pages 1149-1159, September. [Downloadable!] (restricted)
  6. Amigues, Jean-Pierre & Favard, Pascal & Gaudet, Gerard & Moreaux, Michel, 1998. "On the Optimal Order of Natural Resource Use When the Capacity of the Inexhaustible Substitute Is Limited," Journal of Economic Theory, Elsevier, vol. 80(1), pages 153-170, May. [Downloadable!] (restricted)
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  7. Chakravorty, Ujjayant & Krulce, Darrell L, 1994. "Heterogeneous Demand and Order of Resource Extraction," Econometrica, Econometric Society, vol. 62(6), pages 1445-52, November. [Downloadable!] (restricted)
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. LAFFORGUE Gilles & MAGNE Bertrand & MOREAUX Michel, 2007. "Energy Substitutions, Climate change and Carbon sinks," Working Papers 07.01.222, LERNA, University of Toulouse. [Downloadable!]
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This page was last updated on 2009-11-24.

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