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THE BASIC THEORY OF SUPPLY BEHAVIOR
JOINT PRODUCTS EXTERNALITIES AND TECHNICAL
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additions to reserves aggregate aggregate supply aggregation problem analysis assumed assumption capital stock certainty equivalence approach changes common property externalities conceptual corner solutions cost function cost of extraction decision rules depend depletion effects derived discoveries dynamic inconsistency econometric economic empirical Epple equilibrium estimates example exogenous exploration and development exploratory effort extracted output extraction and reserve extraction decisions extraction rate firms future prices hypotheses implies increase individual decisions industry influences initial reserves input intensive margin interac investment joint products linear marginal cost marginal extraction cost marginal profit rule natural gas nonrenewable resource supply oligopoly OPEC opportunity cost petroleum supply Pindyck predictions present value price path prices and costs problem rational expectations approach regulatory reserve additions reserve stock reserves decline resource demand resource prices shadow price specification stages stochastic supply behavior supply decisions supply functions supply process supply responses term theory tion uncertainty user cost variables zero
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