The Economics of Exhaustible Resources

@article{Hotelling1931TheEO,
  title={The Economics of Exhaustible Resources},
  author={Harold Hotelling},
  journal={Journal of Political Economy},
  year={1931},
  volume={39},
  pages={137 - 175}
}
  • H. Hotelling
  • Published 1 April 1931
  • Economics
  • Journal of Political Economy
The discussion is confined in scope to absolutely irreplaceable assets. Topics include peculiar problems of mineral wealth, free competition, maximum social value and state regulation, monopoly, value of a mine monopoly, retardation of production under monopoly, price effects from cumulated production, and the author's mathematically derived optimum solutions. (PCS) 
Monopoly Extraction of an Exhaustible Resource with Two Markets
Although much has been written about monopoly extraction of natural resources, the case of a resource being sold in two separate markets has escaped notice. We find that a monopolist facing two
Market structure and the search for exhaustible resources
Abstract A dynamic programming model of mineral exploration and extraction is developed in order to examine the effects of market structure on exhaustible-resource industries. It is found that firms
Competitive price paths of an exhaustible resource with increasing extraction costs
Abstract The paper analyzes the competitive growth paths of an economy with an exhaustible resource which is subject to increasing extraction costs, assuming perfect foresight. It establishes
Optimal taxation of exhaustible resource under monopoly
Abstract This paper deals with the problem of using taxes (or subsidies) to correct the inefficient resource allocation under monopoly. In this paper, the question raised is ‘what would be the
On Market Structure and the Taxation of Exhaustible Resources
Abstract. The older static theory of the taxation of exhaustible resources is distinguished from the modern theory based on the work of Harold Hotelling Both advocate some form of a profits‐based
General equilibrium and international trade with exhaustible resources
The pricing of raw materials from an exhaustible resource is predominantly analysed within the context of a partial equilibrium. It is argued here that there are good reasons for a general
Competitive, monopolistic and efficient utilization of an exhaustible resource in the presence of habit-formation effects and stock dependent costs
Abstract The letter investigates the utilization of an exhaustible resource under perfect competition and monopoly, and compares monopolistic and competitive depletion patterns with those under
Monopoly exploitation of an exhaustible resource
Abstract The popular notion that a monopolist will exhaust a nonrenewable natural resource at a slower than socially optimal rate is examined. Contrary to the prevailing belief, instances do exist
The Role of Money in the Canadian Economy: Fixed v. Flexible Exchange Rates
In their paper, L-L claim that a competitive industry will effect the same optimal depletion decisions as a social welfare maximizing central planner. Critical to their analysis, however, is the
Feasible alternatives under deteriorating terms of trade
Abstract The paper presents a dynamic general equilibrium model of a small open economy which employs an essential imported input in production. The economy is said to be capable of survival, if,
...
1
2
3
4
5
...