Non-Renewable Resources Extraction Programs and Markets (Fundamentals of Pure & Applied Economics). This item is unavailable.Non-Renewable Resources Extraction Programs and Markets (Fundamentals of Pure & Applied Economics)

First Published in 1989. Routledge is an imprint of Taylor & Francis, an informa company.

It has become apparent that economics can play a valuable role in the continuing discussion over the depletion of finite stocks of essential natural elements, such as oil, copper, bauxite and other exhaustable materials. In this review the deterministic framework of Harold Hotelling is extended into situations involving varying quality of stock, uncertainty of stock size and output price, oligopoly, and general equilibrium (neoclassical growth theory). Particular attention is directed to the timing and cost of perfect substitutes for minerals and to matters of taxation and exploration. The extent to which rents on exhaustible resources are dissipated by exploration activity is also discussed. The author concludes with an analysis of the theoretical framework currently used to explain the evolution of exhaustible resource prices. Students, researchers and engineers involved in environmental activities, will find this volume a useful addition to the subject. Other titles in this series include "A Primer on Environmental Policy Design", "The Political Economy of Protection" and "The Economics of the Patent System".