Please use this identifier to cite or link to this item: http://hdl.handle.net/20.500.11861/6483
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dc.contributor.authorRowse, Johnen_US
dc.contributor.authorProf. YEUNG Wing Kay, Daviden_US
dc.date.accessioned2021-03-03T09:16:09Z-
dc.date.available2021-03-03T09:16:09Z-
dc.date.issued1990-
dc.identifier.citationNatural Resource Modeling, Spring 1990, vol. 4(2), pp. 175-196.en_US
dc.identifier.issn1939-7445-
dc.identifier.urihttp://hdl.handle.net/20.500.11861/6483-
dc.description.abstractUsing a discrete‐time model with nonmallable and durable capital embodied in a two‐period recovery profile, we determine the efficient allocation of a nonrenewable resource and compare it with the corresponding Hotelling allocation for which capital is malleable. Depending on the recovery profile, efficient prices can rise strictly monotonically over time, rise in a stairwise fashion or rise in a sawtooth fashion around a rising price trend. Except for the sawtooth rise, this price behavior requires faster exhaustion than when capital is malleable, implying that the nonmalleability and durability of capital should not be ignored in nonrenewable resource models.en_US
dc.language.isoenen_US
dc.relation.ispartofNatural Resource Modelingen_US
dc.titleNonmalleable capital and efficient allocation of a nonrenewable resourceen_US
dc.typePeer Reviewed Journal Articleen_US
dc.identifier.doi10.1111/j.1939-7445.1990.tb00096.x-
crisitem.author.deptDepartment of Economics and Finance-
item.fulltextNo Fulltext-
Appears in Collections:Economics and Finance - Publication
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