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The metal resources (METRO) model: A dynamic partial equilibrium model for metal markets applied to rare earth elements

  • Pothen, Frank

This paper presents the METal ResOurces (METRO) model, a partial equilibrium model tailored for metal markets. It allows for a disaggregated representation of the mining sector and endogenous investment in extractive capacities. It can be calibrated to a large number of metal markets. Rare Earth Elements are the first group of metals for which the model is implemented. A new dataset on Rare Earth mines is compiled to calibrate it. First results on key developments of Rare Earth markets are presented. Extensive sensitivity analyses indicate their robustness.

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Paper provided by ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research in its series ZEW Discussion Papers with number 13-112.

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Date of creation: 2013
Date of revision:
Handle: RePEc:zbw:zewdip:13112
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  1. Bruno Lanz & Thomas F. Rutherford & John E. Tilton, 2011. "Subglobal Climate Agreements and Energy-Intensive Activities: Is there a Carbon Haven for Copper?," Working Papers 1103, Massachusetts Institute of Technology, Center for Energy and Environmental Policy Research.
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  8. Claudio Agostini, 2006. "Estimating Market Power in the US Copper Industry," Review of Industrial Organization, Springer, vol. 28(1), pages 17-39, 02.
  9. Fisher, L. A. & Owen, A. D., 1981. "An economic model of the US aluminium market," Resources Policy, Elsevier, vol. 7(3), pages 150-160, September.
  10. Robert Cairns, 2001. "Capacity Choice and the Theory of the Mine," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 18(1), pages 129-148, January.
  11. Jane Korinek & Jeonghoi Kim, 2010. "Export Restrictions on Strategic Raw Materials and Their Impact on Trade," OECD Trade Policy Papers 95, OECD Publishing.
  12. Aydin, Hamit & Tilton, John E., 2000. "Mineral endowment, labor productivity, and comparative advantage in mining," Resource and Energy Economics, Elsevier, vol. 22(4), pages 281-293, October.
  13. John Hartwick & Murray Kemp & Ngo van Long, 1980. "Set-up Costs and Theory of Exhaustible Resources," Working Papers 412, Queen's University, Department of Economics.
  14. Wübbeke, Jost, 2013. "Rare earth elements in China: Policies and narratives of reinventing an industry," Resources Policy, Elsevier, vol. 38(3), pages 384-394.
  15. Gielen, Dolf & Moriguchi, Yuichi, 2002. "CO2 in the iron and steel industry: an analysis of Japanese emission reduction potentials," Energy Policy, Elsevier, vol. 30(10), pages 849-863, August.
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