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initial capital stock below that of the steady state of the carbon-freeeconomy and the initial cost of oil (extraction cost … capital stock is aboveits steady state or renewables have an initial cost advantage. …
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This study uses the methods of experimental economics to investigate possible causes for the failure of the Hotelling rule for nonrenewable resources. We argue that as long as resource stocks are high enough, producers may choose to (partially) ignore the dynamic component of their production...
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The need to absorb windfalls gains and manage them appropriately has been discussed extensively by academics and policy makers alike. We explore the role of the financial sector in intermediating these windfalls. Controlling for the level of financial development, inflation, GDP growth and...
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