The purpose of this paper is to show that in a general equilibrium framework it is not always optimal to exploit resources in strict sequence, beginning with the lowest cost deposit, even if it is possible to accumulate productive capital. Indeed if there is an exogenous upper bound on the flow...

we use a cake-eating model with a non-renewable resource and a backstop technology to describe the intertemporal effect of a sudden increase of the population level, e.g. due to migration. The migrants enter an economy in which there is already surplus labor, and they receive transfers from...

The process of deregulation in network industries, in particular in the electric sector, raises the problem of financing the Universal Service Obligations (USO) corresponding to the production, transport and distribution operations. In this paper, we study three ways of funding for an USO of...