Hart, Robert
(2016).
Non-renewable resources in the long run.
Journal of economic dynamics & control. 71
, 1-20
[Journal article]
![]() |
PDF
- Accepted Version
Available under License Creative Commons Attribution Non-commercial No Derivatives. 568kB |
Abstract
We model a competitive economy in which production is dependent on labor and a non-renewable resource, the stock of which is inhomogeneous. We solve the model analytically and show how in infinite time the economy moves away from an initial balanced growth path (b.g.p.) and towards a mature b.g.p. The characteristics of the initial b.g.p. match historical observations of slowly declining resource price and consumption growth tracking global product. The mature b.g.p. depends on the nature of the stock; the more steeply cross-sectional area declines with depth, the faster the rate of price increase. We show how the theoretical model may be adapted and parameterized to explain and predict the evolution of markets for specific resources, applying the model in two cases, copper and petroleum. (C) 2016 Elsevier B.V. All rights reserved.
Authors/Creators: | Hart, Robert | ||||||
---|---|---|---|---|---|---|---|
Title: | Non-renewable resources in the long run | ||||||
Series/Journal: | Journal of economic dynamics & control (BIB9033892) | ||||||
Year of publishing : | 2016 | ||||||
Volume: | 71 | ||||||
Page range: | 1-20 | ||||||
Number of Pages: | 20 | ||||||
Publisher: | Elsevier | ||||||
ISSN: | 0165-1889 | ||||||
Language: | English | ||||||
Publication Type: | Journal article | ||||||
Refereed: | Yes | ||||||
Article category: | Scientific peer reviewed | ||||||
Version: | Accepted version | ||||||
Copyright: | Creative Commons: Attribution-Noncommercial-No Derivative Works 4.0 | ||||||
Full Text Status: | Public | ||||||
Subjects: | (A) Swedish standard research categories 2011 > 5 Social Sciences > 502 Economics and Business > Economics | ||||||
Agrovoc terms: | resource management, economic systems | ||||||
Keywords: | Non-renewable natural resources, Exhaustible resources, Hotelling rule | ||||||
URN:NBN: | urn:nbn:se:slu:epsilon-e-4081 | ||||||
Permanent URL: | http://urn.kb.se/resolve?urn=urn:nbn:se:slu:epsilon-e-4081 | ||||||
Additional ID: |
| ||||||
ID Code: | 14163 | ||||||
Faculty: | NJ - Fakulteten för naturresurser och jordbruksvetenskap | ||||||
Department: | (NL, NJ) > Dept. of Economics | ||||||
Deposited By: | SLUpub Connector | ||||||
Deposited On: | 06 Apr 2017 06:58 | ||||||
Metadata Last Modified: | 26 Oct 2020 01:53 |
Repository Staff Only: item control page