The Mutual Intertemporal Benefits from Depletable Resource Use
For the two-period case, the author offers a graphical proof of the proposition that the dynamically efficient allocation of a depletable, nonrenewable resource allows higher net benefits to users in both time periods than any other allocation. Unlike the pedagogical technique of numerical illustration used heretofore, the result is more general and does not require numerical specification of the model's parameters.
Volume (Year): 33 (2002)
Issue (Month): 1 (January)
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