Set-up Costs and Theory of Exhaustible Resources
AbstractWith several identical deposits of an exhaustible non-reproducible resource, the working of a deposit entails a set-up cost but no other cost. The deposits must be extracted in strict sequence with jump discontinuities of marginal benefits at transition points. Moreover, the average rate of increase of marginal benefit is less than the interest rate.
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Bibliographic InfoPaper provided by Queen's University, Department of Economics in its series Working Papers with number 412.
Date of creation: 1980
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