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Increasing Extraction Costs and Resource Prices: Some Further Results

  • Donald A. Hanson
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    There has been considerable interest concerning the form of the efficiency price path when extraction costs increase over time. This paper presents a reasonable condition on the distribution of resources among cost grades which implies that the efficiency path is concave, with a relatively high initial price but a declining growth of price, and that the scarcity rent path decreases monotonically. The average scarcity rent path decreases monotonically. The average scarcity rent is also explicitly determined. Finally, a measure of resource scarcity is obtained on the basis of the current efficient competitive price of the resource.

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    Article provided by The RAND Corporation in its journal Bell Journal of Economics.

    Volume (Year): 11 (1980)
    Issue (Month): 1 (Spring)
    Pages: 335-342

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    Handle: RePEc:rje:bellje:v:11:y:1980:i:spring:p:335-342
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