Mineral depletion, with special reference to petroleum
Two implications of received theory are (1) mineral net prices rise at the riskless interest rate, and (2) in-ground value is equal to the current net price. Both propositions are false. A correct theory has been joined to mistaken premises. Mineral resources are inexhaustible. The economic pr...
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| Format: | Working Paper |
| Language: | en_US |
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MIT Energy Lab
2005
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| Online Access: | http://hdl.handle.net/1721.1/27208 |