Mineral Depletion, with Special Reference to Petroleum
There is no fixed stock, only a flow into current inventory, i.e., reserves. Development outlay per added unit of reserves or capacity is also a proxy for finding cost and resource rent. Worldwide stability of development costs shows oil has not become more scarce since 1955. A simple development model explains observed value-price relations. The rate of interest has little net effect upon the optimal rate of reservoir depletion. Competitive mineral markets do not resemble monopolized markets. The 1970s expropriation of low-cost oil would have, under competition, increased depletion; monopoly curtailed it. Copyright 1990 by MIT Press.
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Volume (Year): 72 (1990)
Issue (Month): 1 (February)
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