Davis, Graham A; Cairns, Robert D - In: Economic Inquiry 37 (1999) 2, pp. 295-311
Merton H. Miller and Charles W. Upton propose the 'Hotelling Valuation Principle': producing mineral reserves can be valued by multiplying the mineral's current net price by the reserve estimate. M. A. Adelman argues that, by omitting production constraints, the Hotelling value provides an upper...