Arbeitspapier

Nonrenewable resources, strategic behavior and the hotelling rule: An experiment

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This study uses the methods of experimental economics to investigate possible reasons for the lack of empirical support for the Hotelling rule for nonrenewable resources. We argue that as long as resource stocks are large enough, producers may choose to (partially) ignore the dynamic component of their production decision, shifting production to the present and focusing more on strategic behavior. We experimentally vary stock size in a nonrenewable resource duopoly setting and find that producers with large stocks indeed pay significantly less attention to variables related to dynamic optimization, and overproduce relative to the Hotelling rule.

Sprache
Englisch

Erschienen in
Series: WZB Discussion Paper ; No. SP II 2014-203

Klassifikation
Wirtschaft
Design of Experiments: General
Nonrenewable Resources and Conservation: General
Oligopoly and Other Imperfect Markets
Thema
laboratory experiment
nonrenewable resources
Hotelling rule
dynamic oligopoly

Ereignis
Geistige Schöpfung
(wer)
van Veldhuizen, Roel
Sonnemans, Joep
Ereignis
Veröffentlichung
(wer)
Wissenschaftszentrum Berlin für Sozialforschung (WZB)
(wo)
Berlin
(wann)
2014

Handle
Letzte Aktualisierung
10.03.2025, 11:46 MEZ

Datenpartner

Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
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Objekttyp

  • Arbeitspapier

Beteiligte

  • van Veldhuizen, Roel
  • Sonnemans, Joep
  • Wissenschaftszentrum Berlin für Sozialforschung (WZB)

Entstanden

  • 2014

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