Depletion and development: natural resounce supply with endogenous field opening

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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Autor principal:	Venables, A
Format:	Working paper
Publicat:	University of Oxford 2011

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