Handbook of Natural Resource and Energy Economics by A.V. Kneese, J. Sweeney

By A.V. Kneese, J. Sweeney

The "Handbook of average source and effort Economics" examines the present idea and pattern present program tools for common source and effort economics. This 3rd quantity bargains basically with non-renewable assets. It analyzes the economics of power and minerals, and comprises chapters at the economics of environmental coverage. The instruction manual presents a resource, reference and instructing complement to be used by means of expert researchers and complicated graduate scholars. The surveys summarize not just acquired effects but additionally more moderen advancements from fresh magazine articles and dialogue papers.

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Stock and on all past, present, and future prices. Therefore we can specify a supply function analogous to conventional supply functions, with the argument of the function P, - 4,, rather than P,. In principle this supply function is similar to a supply function for conventional commodities, except that 4, is unobservable and is itself a function of other prices. Such a supply function is plotted in Figure 4 for Hotelling costs and more normal, increasing marginal cost cases. For either cost assumption optimal extraction is an increasing function of P, - @,, but the character of the supply curves differs greatly between these situations.

L. Sweeney The total extraction of the resource over all time can be no larger than the initial stock of that resource, or more generally, the total extraction of that resource over all time beginning from an arbitrary starting point can be no greater than the stock remaining at that starting point. Each equation presented above has assumed a discrete-time representation. We will use such discrete-time representations throughout this chapter, although a continuous-time formulation could be utilized, as in most published theoretical literature.

5. L. Sweeney 782 For our analysis we will adopt the time-invariance assumption: price remains constant over time and the terminal time is very far in the future. We drop the t subscript on price. Let 7 be the last time that Xe" < P. Then we can calculate S, as a function of A: If X > 0, then S, = 0. We obtain one equation and a pair of inequalities that can be solved simultaneously to determine T and A: M S o = PT - X e", X em 6 P 6 ~ e ' ( ~ + ' ) . For very short L, we can approximate these equations to find a single equation for T: This set of conditions makes X an increasing function and r a decreasing function of price.

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