The paper investigates the efficient extraction path in a partial equilibrium model with exhaustible resource, the usage of which is characterized by return flows, and a backstop to analyze the sequence of the resource use. It is shown that in the presence of users with different return flow...

In response to climate change, many electric utilities introduce pricing schemes to induce their customers to consume less electricity. When a significant portion of the consumer population finds it more costly to economize electricity, one would expect utilities to offer incentives in return...

This paper tested the effects of the 2005 vehicle emission-control law issued in Japan on the market linkages between the U.S. and Japanese palladium futures markets. To determine these effects, we applied a cointegration test both with and without break points in the time series and found that...

Real investments involving irreversibility and ambiguity embed a positive quasi-option value under ambiguity (q.o.v.a.), which modifies the evaluation of an investment decision involving depletion of natural resources by increasing the value of delaying. Q.o.v.a. depends on the specific...

In this paper we examine the time series properties of nine non-renewable resources. In particular we are concerned with understanding the relationship between the number of structural breaks in the data and the nature of the resource price path, i.e. is it stationary or a random walk. To...

Real investments involving irreversibility and ambiguity embed a positive quasi-option value under ambiguity (q.o.v.a.), which modifies the evaluation of an investment decision involving depletion of natural resources by increasing the value of delaying. Q.o.v.a. depends on the specific...

Conjoint analysis is a stated-preference technique for eliciting valuations of nonmarket, multi-attribute commodities. Recently it has begun to be used in environmental economics as an alternative to contingent valuation. In applications to environmental economics, though, conjoint analysis has...

This article investigates the optimal taxation of a polluting exhaustible resource supplied by an oligopoly in a partial equilibrium model. A single tax/subsidy scheme is sufficient to correct both distortions arising from market power and pollution externality. Moreover, there exists an...

This article investigates the optimal taxation of a polluting exhaustible resource supplied by an oligopoly in a partial equilibrium model. A single tax/subsidy scheme is sufficient to correct both distortions arising from market power and pollution externality. Moreover, there exists an...