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New Qualitative Properties in the Competitive Nonrenewable Resource Extracting Model of the Firm

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  • Caputo, Michael R

Abstract

Using the dynamic primal-dual methodology, it is shown that a symmetric negative semidefinite matrix characterizes a set of qualitative restrictions implied by the dynamic maximization assertion and the mathematical structure of the model. All of these results are new and show that this model contains many qualitative properties beyond Hotelling's rule. Just as important, symmetry is shown to be a fundamental property of the model, analogous to static models of producer behavior. Copyright 1990 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.

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  • Caputo, Michael R, 1990. "New Qualitative Properties in the Competitive Nonrenewable Resource Extracting Model of the Firm," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 31(4), pages 829-839, November.
  • Handle: RePEc:ier:iecrev:v:31:y:1990:i:4:p:829-39
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    Cited by:

    1. Sweeney, James L., 1993. "Economic theory of depletable resources: An introduction," Handbook of Natural Resource and Energy Economics,in: A. V. Kneese† & J. L. Sweeney (ed.), Handbook of Natural Resource and Energy Economics, edition 1, volume 3, chapter 17, pages 759-854 Elsevier.
    2. Caputo, Michael R., 2003. "The comparative dynamics of closed-loop controls for discounted infinite horizon optimal control problems," Journal of Economic Dynamics and Control, Elsevier, vol. 27(8), pages 1335-1365, June.
    3. Silva, Elvira, 1999. "A Nonparametric Approach To Short-Run Production Analysis In A Dynamic Context," 1999 Annual meeting, August 8-11, Nashville, TN 21608, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    4. Jesús Antón & Emilio Cerdá & Elena Huergo, 1998. "Sensitivity analysis in A class of dynamic optimization models," TOP: An Official Journal of the Spanish Society of Statistics and Operations Research, Springer;Sociedad de Estadística e Investigación Operativa, vol. 6(1), pages 97-121, June.
    5. repec:spr:joptap:v:98:y:1998:i:2:d:10.1023_a:1022685417012 is not listed on IDEAS

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