An exhaustible resources model in a dynamic input–output framework: a possible reconciliation between Ricardo and Hotelling
Abstract This study investigates the problem of exhaustible resources using a dynamic input–output model with classical features. Following past research on the topic, further reconciliation can be made between the analyses of Ricardo and Hotelling on exhaustible resources by introducing resource-se...
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| Format: | Article |
| Language: | English |
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SpringerOpen
2018-05-01
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| Series: | Journal of Economic Structures |
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| Online Access: | http://link.springer.com/article/10.1186/s40008-018-0107-1 |
| _version_ | 1818310854968344576 |
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| author | Biao Huang |
| author_facet | Biao Huang |
| author_sort | Biao Huang |
| collection | DOAJ |
| description | Abstract This study investigates the problem of exhaustible resources using a dynamic input–output model with classical features. Following past research on the topic, further reconciliation can be made between the analyses of Ricardo and Hotelling on exhaustible resources by introducing resource-searching activities. The study’s model is based on a given real wage rate and a given consumption vector. The model reveals that the paths of prices, royalties, rents, intensities of production and searching processes can be determined once a sequence of profit rates as well as the initial amounts of commodities and resources are given. This paper also discusses the circumstances under which commodity prices are constant when exhaustible resources exist, based on the model presented. |
| first_indexed | 2024-12-13T07:52:41Z |
| format | Article |
| id | doaj.art-11c4357cdc534e4dad2e0e05864ad499 |
| institution | Directory Open Access Journal |
| issn | 2193-2409 |
| language | English |
| last_indexed | 2024-12-13T07:52:41Z |
| publishDate | 2018-05-01 |
| publisher | SpringerOpen |
| record_format | Article |
| series | Journal of Economic Structures |
| spelling | doaj.art-11c4357cdc534e4dad2e0e05864ad4992022-12-21T23:54:37ZengSpringerOpenJournal of Economic Structures2193-24092018-05-017112410.1186/s40008-018-0107-1An exhaustible resources model in a dynamic input–output framework: a possible reconciliation between Ricardo and HotellingBiao Huang0Renmin University of ChinaAbstract This study investigates the problem of exhaustible resources using a dynamic input–output model with classical features. Following past research on the topic, further reconciliation can be made between the analyses of Ricardo and Hotelling on exhaustible resources by introducing resource-searching activities. The study’s model is based on a given real wage rate and a given consumption vector. The model reveals that the paths of prices, royalties, rents, intensities of production and searching processes can be determined once a sequence of profit rates as well as the initial amounts of commodities and resources are given. This paper also discusses the circumstances under which commodity prices are constant when exhaustible resources exist, based on the model presented.http://link.springer.com/article/10.1186/s40008-018-0107-1Exhaustible resourcesDynamic input–output modelClassical theorySearchingCapacity constraints on extraction |
| spellingShingle | Biao Huang An exhaustible resources model in a dynamic input–output framework: a possible reconciliation between Ricardo and Hotelling Journal of Economic Structures Exhaustible resources Dynamic input–output model Classical theory Searching Capacity constraints on extraction |
| title | An exhaustible resources model in a dynamic input–output framework: a possible reconciliation between Ricardo and Hotelling |
| title_full | An exhaustible resources model in a dynamic input–output framework: a possible reconciliation between Ricardo and Hotelling |
| title_fullStr | An exhaustible resources model in a dynamic input–output framework: a possible reconciliation between Ricardo and Hotelling |
| title_full_unstemmed | An exhaustible resources model in a dynamic input–output framework: a possible reconciliation between Ricardo and Hotelling |
| title_short | An exhaustible resources model in a dynamic input–output framework: a possible reconciliation between Ricardo and Hotelling |
| title_sort | exhaustible resources model in a dynamic input output framework a possible reconciliation between ricardo and hotelling |
| topic | Exhaustible resources Dynamic input–output model Classical theory Searching Capacity constraints on extraction |
| url | http://link.springer.com/article/10.1186/s40008-018-0107-1 |
| work_keys_str_mv | AT biaohuang anexhaustibleresourcesmodelinadynamicinputoutputframeworkapossiblereconciliationbetweenricardoandhotelling AT biaohuang exhaustibleresourcesmodelinadynamicinputoutputframeworkapossiblereconciliationbetweenricardoandhotelling |