We consider a model with two energy sources, a non-renewable one, cheap but polluting, and a renewable one, expensive but clean, let’s say coal and solar. The aim of environmental policy is to maintain atmospheric carbon concentration under a given ceiling, chosen to prevent an excessive rise...

Sand and gravel mining is one of the main extractive industries in France. Extraction implies generally a loss of some agricultural potential, i.e. the destruction of some agricultural asset. Such a problem has recently arisen in the Bordeaux area, well known for its wine. In this paper, we show...

A partial equilibrium analysis shows that a pool of natural resources with constant unit costs of extraction has to be exploited in strict increasing cost order. Kemp and Long [1980] have shown that it is not necessarily the case in a general equilibrium framework. In a consumption-leisure...

We study the optimal valuation of semi-renewable resources, like groundwater, under different assumptions as to the evolution of the population. When the population is either constant or decreasing, valuations of flow and stock resources are identical. With an increasing population however, an...

In this paper, we show how a continuous exploration effort can relax the availability constraint of a non-renewable resource. The exploration process randomly yields discoveries, according to a distribution of probability which is both endogenous and non-stationary. Hence, we investigate the...