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| Author: | Thompson, A. |
| Title: | The valuation of natural resources: a comment |
| Journal: | Journal of Business Finance and Accounting
1996 : OCT, VOL. 23:8, p. 1213-1216 |
| Index terms: | ACCOUNTING RESOURCE ALLOCATION ECONOMICS |
| Language: | eng |
| Abstract: | In the September 1991 issue of this journal, Crain and Jamal used an alternative regression specification to test the Hotelling Valuation Principle proposed by Miller and Upton. In contrast to their conclusions, this author finds their results to be inconsistent with the Hotelling Valuation Principle. Hotelling (1931) demonstrated that the price of non-renewable resource (p) less the marginal cost of producing it (c), should increase over time at the rate of interest. |
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