Steady-state growth in a Hotelling model of resource extraction
نویسندگان
چکیده
منابع مشابه
Steady-state growth in a Hotelling model of resource extraction
This paper re-examines the Hotelling model of optimal nonrenewable resource extraction in light of stock effects and technological progress. We assume functional forms for cost and demand so that the solution to the Hotelling problem is a steady-state consistent with the empirical observation that the growth rates of market prices have remained zero over a long period of time. We use data on 14...
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ژورنال
عنوان ژورنال: Journal of Environmental Economics and Management
سال: 2007
ISSN: 0095-0696
DOI: 10.1016/j.jeem.2006.12.001