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Prices and Rents of Economically Recoverable Resources

In: Natural Resource Pricing and Rents

Author

Listed:
  • Andrey Vavilov

    (Institute for Financial Studies)

  • Georgy Trofimov

    (Institute for Financial Studies)

Abstract

Models in this chapter are based on the premise of limited resource availability with no explicit resource constraints. A potential resource in the ground is supposed to be inexhaustible but depleting in the sense that the marginal extraction cost increases with cumulative extraction. An economically recoverable resource is determined in the base model for long-term equilibrium as the ultimate cumulative extraction. In the reservoir model, which is relevant to the oil industry, producing reserves are developed through drilling new wells and play a dual role: as reservoirs containing oil inventory and as a factor of production. Finally, we analyse a model with extraction and investment in addition of producing reserves.

Suggested Citation

  • Andrey Vavilov & Georgy Trofimov, 2021. "Prices and Rents of Economically Recoverable Resources," Contributions to Economics, in: Natural Resource Pricing and Rents, chapter 0, pages 45-76, Springer.
    • Handle: RePEc:spr:conchp:978-3-030-76753-2_3
    DOI: 10.1007/978-3-030-76753-2_3
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    Cited by:

    1. Achua, Joseph Kwaghkor & Yusuf, Mariam & Wakdok, Samuel Stephen, 2022. "Nonlinear public debt and resource rent nexus in highly indebted resource-rich sub-Saharan economies: Evidence from Nigeria," Resources Policy, Elsevier, vol. 79(C).

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