The Economics of Exhaustible Resources¶
Hotelling, H. (1931). The Economics of Exhaustible Resources. Journal of Political Economy, 39(2), 137-175.
Cited by¶
2 citations across 2 artifacts.
Each citation links to the sentence it supports in the citing article.
Domain-specific¶
- Hotelling's Rule
- Hotelling's rule (Harold Hotelling, 1931) is the optimality condition for the extraction of a nonrenewable resource: the net price of the resource — market price minus marginal extraction cost — must rise at a rate equal to the prevailing risk-free interest rate for the owner to be indifferent at the margin between extracting a unit now and leaving it in the ground to extract later
This sourceThe originating paper, which shows that under free competition the net price after extraction cost rises at the rate of interest because the mine owner is indifferent between selling now and later.
Supported in partVerified against the source
- Hotelling's rule (Harold Hotelling, 1931) is the optimality condition for the extraction of a nonrenewable resource: the net price of the resource — market price minus marginal extraction cost — must rise at a rate equal to the prevailing risk-free interest rate for the owner to be indifferent at the margin between extracting a unit now and leaving it in the ground to extract later
- Non-renewable resource
Verification¶
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