A note on the theory of investment: Hotelling's rule under process independence
This note shows that the welll-known Hotelling rule holds for a wider class of capital investment projects with a property of process independence. Optimality behavior is therefore not a necessary condition for deriving the result.
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|Date of creation:||10 Oct 2008|
|Date of revision:|
|Publication status:||Published in Letters in Spatial and Resource Sciences, 2010.|
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- Kenneth Arrow & Partha Dasgupta & Karl-Göran Mäler, 2003.
"Evaluating Projects and Assessing Sustainable Development in Imperfect Economies,"
2003.109, Fondazione Eni Enrico Mattei.
- Kenneth Arrow & Partha Dasgupta & Karl-Göran Mäler, 2003. "Evaluating Projects and Assessing Sustainable Development in Imperfect Economies," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 26(4), pages 647-685, December.
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