The standard real–options model predicts that increased uncertainty discourages investment. When projects are large and take time to build, however, that prediction can be reversed. We investigate the investment/uncertainty relationship empirically using historical data on opening dates of new U.S. copper mines — large, irreversible projects with substantial construction lags. Both the timing o...

We conducted preference assessments with 4 typically developing children to identify potential reinforcers and assessed the reinforcing efficacy of those stimuli. Next, we tested two predictions of economic theory: that overall consumption (reinforcers obtained) would decrease as the unit price (response requirement per reinforcer) increased and that the cost and benefit components that defined...

Over the past 40 years economists have devoted considerable effort to estimating long-run trends in real commodity prices. The results indicate that the real prices for many commodities have fallen, suggesting to the surprise of many that resource scarcity is declining over time. Almost all of this work, however, uses the U.S. producer price index or other standard price deflators, which recent...

In this paper we develop a policy model for pollution control investment and operational decisions in the copper industry. The system consists of (i) a nonlinear integer model to optimize smelter operations, including the investment decisions relating to smelting capacity and pollution control plants that complies with environmental regulations, and (ii) a network flow model to describe the eco...

Copper wire bonding has huge cost advantages over gold wire bonding. As a result, low pin count, heavy wire applications have already been converted to copper wire and many companies are in high volume production. Recently, with the price of gold skyrocketing, conversion of high pin count (>250 I/O), high performance applications to Cu has dramatically accelerated. These high performance device...

Large technical systems serving the everyday needs of people, such as water supply systems, power grids or communication networks, are rich in accumulated metals. Over time, parts of these systems have been taken out of use without the system infrastructure being removed from its original location. Such metal stocks in hibernation thus constitute potential resource reservoirs accessible for rec...