Sectoral Supply of Minerals of Varying Quality
In this sectoral model of mineral production, investment in ca pacityand variation in ore-body grade and volume help explain some stylizedfac ts. More than one grade of ore may be exploited simultaneously. Mine exhaustion, but not necessarily entry, occurs in declining orderof grade. The price may ri se or fall but is likely to fall initiallyand must eventually rise, at less tha n the interest rate unless demand expands rapidly. These trends exhibit fluctuat ions due to entry and exhaustion of deposits. Resource price cyclicality is rein forced because mines keep producing at capacity when the price is falling. Copyright 1986 by The editors of the Scandinavian Journal of Economics.
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Volume (Year): 88 (1986)
Issue (Month): 4 ()
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