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Interest rate and output price uncertainty and industry equilibrium for non-renewable resource extracting firms


  • Yeung, David
  • Hartwick, John M.


We establish convexity of a nonrenewable resource extracting agent's value function in the future interest rate, a random variable. A preference by the agent for future interest uncertainty follows. A rational expectations, m identical firm industry equilibrium is characterized and the links between interest rate uncertainty and output price uncertainty are investigated.
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  • Yeung, David & Hartwick, John M., 1988. "Interest rate and output price uncertainty and industry equilibrium for non-renewable resource extracting firms," Resources and Energy, Elsevier, vol. 10(1), pages 1-14, March.
  • Handle: RePEc:eee:reseng:v:10:y:1988:i:1:p:1-14

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    Cited by:

    1. Kanudia, Amit & Loulou, Richard, 1998. "Robust responses to climate change via stochastic MARKAL: The case of Quebec," European Journal of Operational Research, Elsevier, vol. 106(1), pages 15-30, April.
    2. Chen, C. & Li, Y.P. & Huang, G.H., 2016. "Interval-fuzzy municipal-scale energy model for identification of optimal strategies for energy management – A case study of Tianjin, China," Renewable Energy, Elsevier, vol. 86(C), pages 1161-1177.
    3. Kanudia, Amit & Shukla, PR, 1998. "Modelling of Uncertainties and Price Elastic Demands in Energy-environment Planning for India," Omega, Elsevier, vol. 26(3), pages 409-423, June.

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