Non-Renewable Resources Extraction Programs and Markets

Taylor & Francis

Considers the role of economics in discussions about the depletion of finite stocks of natural resources including oil. > Considers the role of economics in discussions about the depletion of finite stocks of natural resources including oil. > 1. INTRODUCTION; 2. THE PRICE-TAKING RESOURCE-EXTRACTING FIRM; Introduction; Details of the Resource Extracting Firm; Asset Equilibrium Along Optimal Programs; The Output Constrained Firm and Initial Investments; Solving the Model of the Firm and Comparative Statics; A Production Function for Extraction for the Resource Extracting Firm; Uncertainty in the Future Value of a Parameter; Two Deposits of Uncertain Size Facing the Firm; Varying Quality of Ore in the Model of the Extracting Firm; 3. A RESOURCE EXTRACTION INDUSTRY; Introduction; The Industry in Detail; Exhaustion of Finite Stocks and Society\u2019s Future; Solving the Hotelling Model and Comparative Statics; The Constant Elasticity of Demand (Zero Extraction Cost) Example; The Li;