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A note on the theory of investment: Hotelling's rule under process independence

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Author Info

  • Li, Chuan-Zhong

    ()
    (Department of Economics, Uppsala University)

  • Löfgren , Karl-Gustaf

    ()
    (Department of Economics, Umeå University)

Abstract

This note shows that the welll-known Hotelling rule holds for a wider class of capital investment projects with a property of process independence. Optimality behavior is therefore not a necessary condition for deriving the result.

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Bibliographic Info

Paper provided by Umeå University, Department of Economics in its series Umeå Economic Studies with number 752.

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Length: 5 pages
Date of creation: 10 Oct 2008
Date of revision:
Publication status: Published in Letters in Spatial and Resource Sciences, 2010.
Handle: RePEc:hhs:umnees:0752

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Postal: Department of Economics, Umeå University, S-901 87 Umeå, Sweden
Phone: 090 - 786 61 42
Fax: 090 - 77 23 02
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Web page: http://www.econ.umu.se/
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Keywords: Hotelling's rule; capital investment and process independence;

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  1. Kenneth Arrow & Partha Dasgupta & Karl-Göran Mäler, 2003. "Evaluating Projects and Assessing Sustainable Development in Imperfect Economies," Working Papers 2003.109, Fondazione Eni Enrico Mattei.
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