Depletion and development: natural resounce supply with endogenous field opening
Supply of a non-renewable resource adjusts through two margins: the rate at which new fields are opened, and the rate of depletion of open fields. The paper combines these margins in a model in which there is a continuum of fields with varying capital costs. Opening a new field involves sinking a ca...
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| Format: | Working paper |
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University of Oxford
2011
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