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A Spatial Approach to Energy Economics
Moreno Cruz, Juan Bernardo - 2014
We develop a spatial model of energy exploitation where energy sources are differentiated by their geographic location and energy density. The spatial setting creates a scaling law that magnifies the importance of differences across energy sources. As a result, renewable sources twice as dense,...
Persistent link: https://www.econbiz.de/10013064302
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Bubbles in Prices of Exhaustible Resources
Jovanovic, Boyan - 2007
Aside from the equilibrium that Hotelling (1931) displayed, his model of non-renewable resources also contains a continuum of bubble equilibria. In all the equilibria the price of the resource rises at the rate of interest. In a bubble equilibrium, however, the consumption of the resource peters...
Persistent link: https://www.econbiz.de/10012776202
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Hotelling Under Pressure
Anderson, Soren - 2014
We show that oil production from existing wells in Texas does not respond to price incentives. Drilling activity and costs, however, do respond strongly to prices. To explain these facts, we reformulate Hotelling's (1931) classic model of exhaustible resource extraction as a drilling problem:...
Persistent link: https://www.econbiz.de/10013050318
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Elephants
Kremer, Michael; Morcom, Charles - 2022
Existing models of open-access resources are applicable to non-storable resources, such as fish. Many open-access resources, however, are used to produce storable goods. Elephants, rhinos, and tigers are three prominent examples. Anticipated future scarcity of these resources will increase...
Persistent link: https://www.econbiz.de/10014106205
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Nonrenewable Resource Prices : Deterministic or Stochastic Trends?
Lee, Junsoo; List, John A.; Strazicich, Mark C. - 2021
In this paper we examine temporal properties of eleven natural resource real price series from 1870-1990 by employing a Lagrangian Multiplier unit root test that allows for two endogenously determined structural breaks with and without a quadratic trend. Contrary to previous research, we find...
Persistent link: https://www.econbiz.de/10013227016
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Mining and Quasi-Option Value
Costello, Christopher - 2015
damage. As expected, when the environmental damage from mining is known, the socially optimal timing will depend on the … mining until better information arrives. We show conditions under which it is optimal to postpone the mining decision … marginal mine owner is completely indifferent between mining immediately and at any point in the future. Thus, for our problem …
Persistent link: https://www.econbiz.de/10013019516
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International Organizations and Structural Reforms
Galiani, Sebastian - 2015
Different countries have been following different reform paths since the early 1990s. We develop a simple dynamic model of policy reform that captures some of the determinants that underlie these differences. The model emphasizes the interaction between domestic institutions and international...
Persistent link: https://www.econbiz.de/10013021479
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Conceptually Based Measures of Structural Adaptability
Krishna, Kala - 2021
This paper provides definitions and measures of the extent of adaptability of an economy to exogenous changes in product prices, factor availability and technological change. It is argued that flexibility can in general only be defined relative to the exogenous changes that occur. Using a dual...
Persistent link: https://www.econbiz.de/10013219307
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Macro-Economic Adjustment with Import Price Shocks : Real and Monetary Aspects
Bruno, Michael; Sachs, Jeffrey D. - 2021
imports into a theory of macro-economic adjustment derives from the particular set of events that have affected the industrial …
Persistent link: https://www.econbiz.de/10013224712
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International Adjustment with Wage Rigidity
Branson, William H.; Rotemberg, Julio J. - 2021
Two of the puzzling macroeconomic phenomena of the 1970s have been the persistent stagnation in Europe, and the disagreement between the U.S. and Europe on the feasibility of recovery by demand expansion. This paper develops the hypothesis that the source of both the stagnation and the policy...
Persistent link: https://www.econbiz.de/10013247664