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On the Optimal Order of Natural Resource Use When the Capacity of the Inexhaustible Substitute Is Limited

  • Amigues, Jean-Pierre
  • Favard, Pascal
  • Gaudet, Gerard
  • Moreaux, Michel

Consider a general equilibrium framework where the marginal cost of extraction from several deposits of an exhaustible resource is constant in terms of an inexhaustible perfect substitute and differs between deposits. The instantaneous rate of production form the inexhaustible resource is subject to a capacity constraint.

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Article provided by Elsevier in its journal Journal of Economic Theory.

Volume (Year): 80 (1998)
Issue (Month): 1 (May)
Pages: 153-170

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Handle: RePEc:eee:jetheo:v:80:y:1998:i:1:p:153-170
Contact details of provider: Web page: http://www.elsevier.com/locate/inca/622869

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