Fixed Costs , E cient Resource Management and Conservation Jinhua
نویسندگان
چکیده
This paper develops a framework to analyze the impacts on resource development of e cient management practices that account for possible resource conserving technological, institutional and taste changes. Compared with traditional resource management that ignores these future possibilities, e cient management may not delay or reduce resource development. Under e cient management, higher probability of resource conserving changes may not delay or reduce resource development. These ambiguities are due to the existence of xed and increasing marginal costs in resource development and restoration. Our results complement real option theory in studying the role of uncertainty in resource management. (JEL Q20, D81)
منابع مشابه
Fixed Costs, Efficient Resource Management, and Conservation
This article develops a framework to analyze the impacts on resource development of efficient management practices that account for possible resource conserving technological changes. Compared with the traditional management practice ignoring these changes, efficient management may not delay or reduce resource development, depending on the level of the changes. Under efficient management, a hig...
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