Arbeitspapier
Depletion and development: Natural resource supply with endogenous field opening
This paper develops a model in which supply of a non-renewable resource can adjust through two margins: the rate of depletion and the rate of field opening. Faster depletion of existing fields means that less of the resource can ultimately be extracted, and optimal depletion of open fields follows a (modified) Hotelling rule. Opening a new field involves sinking a capital cost, and the timing of field opening is chosen to maximize the present value of the field. Output dynamics depend on both depletion and field opening, and supply responses to price changes are studied. In contrast to Hotelling, the long run equilibrium rate of growth of prices is independent of the rate of interest, depending instead on characteristics of demand and geologically determined supply.
- Sprache
-
Englisch
- Erschienen in
-
Series: CESifo Working Paper ; No. 3608
- Klassifikation
-
Wirtschaft
Micro-Based Behavioral Economics: General‡
Nonrenewable Resources and Conservation: General
Energy: General
Environmental Economics: General
- Thema
-
non-renewable resource
depletion
exhaustible
Hotelling
fossil fuel
carbon tax
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Venables, Anthony J.
- Ereignis
-
Veröffentlichung
- (wer)
-
Center for Economic Studies and ifo Institute (CESifo)
- (wo)
-
Munich
- (wann)
-
2011
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:42 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
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Objekttyp
- Arbeitspapier
Beteiligte
- Venables, Anthony J.
- Center for Economic Studies and ifo Institute (CESifo)
Entstanden
- 2011
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