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Sectoral Supply of Minerals of Varying Quality

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Author Info

  • Cairns, R.
  • Lasserre, P.

Abstract

We Present a Model of a Mineral Producing Sector Where Irreversible Investment in Capacity and the Presence of Orebodies Which Differ in Quality and Volume Help Explain Some Important Stylized Facts. in Particular We Find That, While Deposits Are Exhausted in Declining Order of Grade, More Than One Grade of Ore May Be Exploited At One Time and Extraction Periods Must Overlap. the Price May Rise Or Diminish But Is Likely to Diminish At First (Young Industry) and Must Eventually Rise, Although At Less Than the Interest Rate (Unless Demand Expands Rapidly). Such Secular Trends, However, Are Associated with Short-Run Fluctuations Due to Entry and Exhaustion of Deposits. the Cyclicality of Resource Prices Is Reinforced by the Fact That Mines Keep Producing At Capacity When Price Is Falling.

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Bibliographic Info

Paper provided by Universite de Montreal, Departement de sciences economiques in its series Cahiers de recherche with number 8534.

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Date of creation: 1985
Date of revision:
Handle: RePEc:mtl:montde:8534

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Related research

Keywords: Mining ; Sectoral Planning ; Investments ; Production Cacity ; Minerals ; Volume ; Prices ; Business Cycles;

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Cited by:
  1. Martin Stürmer, 2013. "150 Years of Boom and Bust: What Drives Mineral Commodity Prices?," 2013 Papers pst529, Job Market Papers.
  2. David Prentice, 2006. "A re-examination of the origins of American industrial success," Working Papers 2006.02, School of Economics, La Trobe University.
  3. David Prentice, 2012. "The rise of the US Portland cement industry and the role of public science," Cliometrica, Journal of Historical Economics and Econometric History, Association Française de Cliométrie (AFC), vol. 6(2), pages 163-192, May.
  4. Jeffrey A. Krautkraemer, 1998. "Nonrenewable Resource Scarcity," Journal of Economic Literature, American Economic Association, vol. 36(4), pages 2065-2107, December.
  5. Marvasti, Akbar, 2013. "The role of price expectations and legal uncertainties in ocean mineral, exploration activities," Resources Policy, Elsevier, vol. 38(1), pages 68-74.
  6. 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.
  7. Robert Cairns, 2001. "Capacity Choice and the Theory of the Mine," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 18(1), pages 129-148, January.

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