New Qualitative Properties in the Competitive Nonrenewable Resource Extracting Model of the Firm
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.
Volume (Year): 31 (1990)
Issue (Month): 4 (November)
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