Economic Theory and Exhaustible Resources

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Cambridge University Press, 1979 - Business & Economics - 516 pages
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A presentation of the economic principles relating to the use and management of natural resources, including analysis of optimal use policies.
 

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Contents

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1
Resource Allocation in a Timeless World
11
An Example
18
3 Competitive Equilibrium of a Private Ownership Economy
22
4 Competitive Equilibrium and Pareto Efficiency
31
Biographical Notes
37
Externalities
39
2 Markets for Externalities
44
The Optimal Depletion of Exhaustible Resources
283
2 The Maximin Programme
288
3 The Utilitarian Optimum
292
4 Commentary on the Implications of Utilitarian and Maximin Criteria
308
5 Extension to an Open Economy
313
Bibliographical Notes
320
Imperfect Competition and Exhaustible Resources
323
2 The Role of Elasticity of Demand
325

3 Pigouvian Taxes for Correcting Externalities
52
4 Common Property Resource or the Problem of the Common
55
5 Some Examples of Common Property Resources
73
6 Asymmetrical Externalities and the Multiplicity of Tax Equilibria
78
7 Conclusions
92
Intertemporal Equilibrium
95
A Mild Digression
98
An Interpretation
99
A General Account
100
5 Durables
103
6 The Arbitrage Equation
105
7 Commentary on Intertemporal Equilibrium
107
Renewable Resources Some Ecological and Environmental Models
113
2 The Own Rate of Return
118
3 Exploitation in the Absence of Regulations
119
Catch obtained Costlessly
126
Catch Requires Resources
134
6 Optimal Regulatory Policy
141
An Application
144
8 Revocable and Irrevocable Processes
148
Bibliographical Notes
151
Exhaustible Resources An Introduction
153
2 A Socially Managed Exhaustible Resource
163
3 Resource Exhaustion in Finite Time
166
The Presence of Extraction Costs
167
5 Resource Depletion and Research and Development
181
6 Conclusions
190
Bibliographical Notes
192
Production with Exhaustible Resources
193
2 Essential and Inessential Exhaustible Resources
196
3 Static Efficiency Economic and Thermodynamic
208
4 Efficient and Inefficient Programmes
213
5 The Social Rate of Return on Investment
220
6 Conclusion
224
Bibliographical Notes
225
Resource Depletion and Capital Accumulation in a Competitive Economy
227
2 The Measurement of Net National Product
244
3 Imperfect Shortrun Foresight
246
4 Conclusions
253
Bibliographical Notes
254
Measurability Comparability and the Aggregation of Intergenerational Welfares
255
2 The Setting
258
3 Classical Utilitarianism
260
4 The Existence of a Utilitarian Optimum
265
5 Choice behind the Veil of Ignorance
269
6 Intuitionist Conceptions
275
7 Conclusion
281
3 Extraction Costs and Monopoly
333
4 Monopsony
334
5 Imperfect Competition
336
The Phenomenon of Limit Pricing
340
7 Resourceowning Cartel and Resourceowning Fringe
345
An Application on OPEC and the Oil Market
351
9 Conclusions
357
Bibliographical Notes
358
Taxation of Exhaustible Resources
361
1 A Sales Tax
363
2 A Profits Tax
365
3 Royalties
367
4 A Capital Gains Tax
368
6 True Depletion Allowance
370
7 The UK Petroleum Revenue Tax
371
8 A Dynamic Version of the Problem of the Common
372
Bibliographical Notes
375
Uncertainty Information and the Allocation of Risk
377
1 Risk Sharing Fair Insurance Contracts and the Law of Large Numbers
378
2 Information and Its Value
388
3 Types of Uncertainty
395
4 Irrevocable Decisions and Option Values
397
5 Optimal Environmental Programmes under Uncertainty
400
Bibliographical Notes
409
Uncertainty and the Allocation of Resources
411
Research and Development
418
3 Uncertainty In Reserves and the Social Value of Exploration
427
4 Private Incentives for Exploration
433
Bibliographical Notes
437
Price Movements in Resource Markets
439
2 Absence of Forward Markets
440
3 Uninsurable Risks
448
4 The Price of Oil
449
5 Simulation Studies
452
6 Conclusions on Oil
453
7 The Influence of Interest Rates
454
8 The Work of Burnett and Morse
464
9 Conclusions
469
Conclusions
471
2 Planning
474
3 Research and Development
475
4 Are There Exhaustible Resources?
478
5 Final Remarks
479
Bibliographical Notes
480
Bibliography
481
Index
497
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Amartya Sen
No preview available - 1991
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