Variation principles for modeling in resource economics
AbstractA 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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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 1309.
Date of creation: 08 Aug 2005
Date of revision: 08 Aug 2006
nonrenewable resource; variation principle; intergenerational justice;
Find related papers by JEL classification:
- C63 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Computational Techniques
- Q32 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - Exhaustible Resources and Economic Development
This paper has been announced in the following NEP Reports:
- NEP-ALL-2007-01-14 (All new papers)
- NEP-ENE-2007-01-14 (Energy Economics)
- NEP-ENV-2007-01-14 (Environmental Economics)
- NEP-FOR-2007-01-14 (Forecasting)
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