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Variation principles for modeling in resource economics

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  • Bazhanov, Andrei

Abstract

A technique for the construction of the model of nonrenewable resources depletion is offered. The approach is based on the assumption of the fulfillment of a variation principle. The model adequacy is examined with respect to world oil extraction data from 1859 to 2005. The possibilities of the use of the model in forecasting problems and in construction of the path of extraction, satisfying the intergenerational justice principle are discussed. Empirical justification of the hypothesis of the fulfillment of the Hamilton principle in resource economics gives an opportunity of the use of some laws of mechanics in economics.

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File URL: http://mpra.ub.uni-muenchen.de/1309/
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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 1309.

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Date of creation: 08 Aug 2005
Date of revision: 08 Aug 2006
Handle: RePEc:pra:mprapa:1309

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Keywords: nonrenewable resource; variation principle; intergenerational justice;

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Cited by:
  1. Bazhanov, Andrei, 2008. "Sustainable growth: The extraction-saving relationship," MPRA Paper 9911, University Library of Munich, Germany.
  2. Bazhanov, Andrei, 2008. "Sustainable growth in a resource-based economy: the extraction-saving relationship," MPRA Paper 12350, University Library of Munich, Germany.
  3. Bazhanov, Andrei, 2008. "Inconsistency between a criterion and the initial conditions," MPRA Paper 6792, University Library of Munich, Germany.
  4. Bazhanov, Andrei, 2007. "Switching to a sustainable efficient extraction path," MPRA Paper 2976, University Library of Munich, Germany.
  5. Bazhanov, Andrei, 2008. "Sustainable growth: Compatibility between criterion and the initial state," MPRA Paper 9914, University Library of Munich, Germany.

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