Chakravorty, Ujjayant; Krulce, Darrell; Roumasset, James - Department of Economics, Emory University - 2003
The one demand Hotelling model fails to explain the observed specialization of nonrenewable resources in specific end-uses. We develop a model with multiple demands and multiple resources and grades. Principles of Ricardian absolute and comparative advantage play an important role in determining...