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New Activities, the Welfare Cost of Uncertainty and Investment Policies
Aizenman, Joshua - 2008
This paper studies the effect of policy uncertainty on the formation of new activities in Romer's (1994) type of an economy, where productivity of labor increases with the number of capital goods. Adding a new capital good requires a capital specific set-up cost, invested prior to using the...
Persistent link: https://www.econbiz.de/10012774962
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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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The Taxation of Exhaustible Resources
Dasgupta, Partha; Heal, Geoffrey M.; Stiglitz, Joseph E. - 2021
framework within which a large variety of taxes can be analyzed is developed and then applied to a number of specific taxes. It …
Persistent link: https://www.econbiz.de/10013240662
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Oil Prices, Exhaustible Resources, and Economic Growth
Hamilton, James D. - 2012
This paper explores details behind the phenomenal increase in global crude oil production over the last century and a half and the implications if that trend should be reversed. I document that a key feature of the growth in production has been exploitation of new geographic areas rather than...
Persistent link: https://www.econbiz.de/10013112048
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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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Tax Policy, Venture Capital, and Entrepreneurship
Keuschnigg, Christian - 2006
an entrepreneurial sector, the paper investigates the effects of taxes on the equilibrium level of entrepreneurship and … managerial advice. It considers dierential wage and capital income taxes, a comprehensive income tax, incomplete loss offset …, progressive taxation as well as investment and output subsidies to the entrepreneurial sector …
Persistent link: https://www.econbiz.de/10012783952
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A Contribution to the Empirics of Economic Growth
Mankiw, N. Gregory - 2010
This paper examines whether the Solow growth model is consistent with the international variation in the standard of living. It shows that an augmented Solow model that includes accumulation of human as well as physical capital provides an excellent description of the cross-country data. The...
Persistent link: https://www.econbiz.de/10013138393