haku: @freeterm Nonrenewable resources / yhteensä: 2
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| Tekijä: | Lin, C.-Y.C. Wagner, G. |
| Otsikko: | Steady-state growth in a hotelling model of resource extraction |
| Lehti: | Journal of Environmental Economics and Management
2007 : VOL. 54:1, p. 68-83 |
| Asiasana: | resources |
| Vapaa asiasana: | nonrenewable resources |
| Kieli: | eng |
| Tiivistelmä: | The paper re-examines the hotelling model of optimal nonrenewable resource extraction in light of stock effects and technological progress. Functional forms for cost and demand are assumed so the solution to the hotelling problem is a steady-state consistent with the empirical observation that the growth rates of market prices have remained zero over a long period of time. Data on 14 minerals is used from 1970 to 2004 to estimate the supply and demand functions using SUR and 3SLS and to test the model. |
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