The Economics of Exhaustible Resources

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Table of Contents

Pt. I The Theory of Optimal Depletion
1 The Economics of Resources or the Resources of Economics 3
2 The Economics of Exhaustible Resources 17
3 The Optimal Depletion of Exhaustible Resources 56
4 The Relationship Between Price and Extraction Cost for a Resource with a Backstop Technology 82
5 Resource Depletion and Research and Development 90
6 Optimal Supply of a Depletable Resource with a Backstop Technology: Heal's Theorem Revisited 113
Pt. II Dynamic Models of Resource Markets
7 A Neoclassical Analysis of the Economics of Natural Resources 131
8 Some Recent Theoretical Explorations in the Economics of Exhaustible Resources 162
9 Monopoly and the Rate of Extraction of Exhaustible Resources 184
10 Economics of Depletable Resources: Market Forces and Intertemporal Bias 191
11 Dominant Firm Pricing Policy in a Market for an Exhaustible Resource 208
12 The Taxation of Exhaustible Resources 219
Pt. III Empirical Studies and Simulations
13 The Allocation of Energy Resources 245
14 Gains to Producers from the Cartelization of Exhaustible Resources 293
15 The Relationship Between Interest Rates and Metal Price Movements 307
16 Empirical Investigation of the Long-Term Movement of Resource Prices: A Preliminary Report 328
Pt. IV Macroeconomics, Trade and Resources
17 International Trade in Resources: A General Equilibrium Analysis 339
18 Energy-Capital Substitution: A General Equilibrium Analysis 390
19 Oil and Economic Performance in Industrial Countries 402
20 Resource Prices and Macroeconomic Policies: Lessons from Two Oil Price Shocks 461
Pt. V Environment and Resources
21 Optimal Growth, Resource Amenities and the Preservation of Natural Environments 479
22 Economy and Climate: A Preliminary Framework for Microeconomic Analysis 497
23 The Economic Common Sense of Controlling Nuclear Power Development 514
Pt. VI General Issues
24 On a Relation Between Economic and Thermodynamic Optima 545
25 The Age of Substitutability: A Scientific Appraisal of Natural Resource Adequacy 558
26 Fundamental Concepts for the Analysis of Resource Availability 575
27 The Evaluation of Natural Resource Adequacy: Elusive Quest or Frontier of Economic Analysis? 612
Name Index 654
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