On stockpiling natural resources
Persistent and significant privately held stockpiles of minerals have long been an important empirical regularity in the United States. Such stockpiles would not rationally be held in a traditional Hotelling-style model, though firms could be willing to hold inventories if extraction costs are stock-dependent. More plausibly, if prices are stochastic, and sufficiently volatile, firms have an incentive to hold inventories to smooth production over time.
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References listed on IDEAS
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- Andrew B. Abel, 1985. "Inventories, Stock-Outs and Production Smoothing," Review of Economic Studies, Oxford University Press, vol. 52(2), pages 283-293.
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NBER Working Papers
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- Pindyck, Robert S., 1990. "Inventories and the short-run dynamics of commodity prices," Working papers 3133-90., Massachusetts Institute of Technology (MIT), Sloan School of Management.
- Brennan, Michael J & Schwartz, Eduardo S, 1985. "Evaluating Natural Resource Investments," The Journal of Business, University of Chicago Press, vol. 58(2), pages 135-57, April.
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- Olivier Jean Blanchard & Stanley Fischer, 1989. "Lectures on Macroeconomics," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262022834, March.
- Pindyck, Robert S, 1993. "A Note on Competitive Investment under Uncertainty," American Economic Review, American Economic Association, vol. 83(1), pages 273-77, March.
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