Exhaustible Resources and Classical Theory

Classical Theory and Exhaustible Natural Resources: Notes on the Current Debate

RESUMEN. El tratamiento de los recursos naturales no reproducibles en el contexto de la Teoría Económica Clásica es objeto de un intenso debate en la actualidad. Concretamente, existen diversas opiniones sobre si es adecuado utilizar la noción de precios naturales o de producción clásicos para el análisis de los precios de estos recursos naturales (royalties) y también se han propuesto varios p...

Games with Exhaustible Resources

We study N -player continuous-time Cournot games in an oligopoly where firms choose production quantities. These are nonzero-sum differential games, whose value functions may be characterized by systems of nonlinear Hamilton-Jacobi partial differential equations. When resources are in finite supply, such as oil, exhaustibility enters as boundary conditions for the PDEs. We analyze the problem w...

Extraction costs in the theory of exhaustible resources

This paper has two objectives. First, it reformulates the theory of optimal use of an exhaustible resource with more attention to the costs of extraction than has been customary in the literature. The output and shadow-price implications of optimal extraction are studied under these broader assumptions. Second, the paper provides some numerical solutions of a simple two-grade case, to give some...

Optimal Growth Paths with Exhaustible Resources: an Information-based Model

Bargaining, Strategic Reserves, and International Trade in Exhaustible Resources

Bargaining, Strategic Reserves, and International Trade in Exhaustible Resources Author(s): Vincent P. Crawford, Joel Sobel and Ichiro Takahashi Reviewed work(s): Source: American Journal of Agricultural Economics, Vol. 66, No. 4 (Nov., 1984), pp. 472-480 Published by: Oxford University Press on behalf of the Agricultural & Applied Economics Association Stable URL: http://www.jstor.org/stable/1...