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Industria imports oil, produces final goods and wishes to mitigate global warming. Oilrabia exports oil and buys final goods from the other country. Industria uses the carbon tax to impose an import tariff on oil and steal some of Oilrabia’s scarcity rent. Conversely, Oilrabia has monopoly...
Persistent link: https://www.econbiz.de/10011276407
The nature of oil demand influences the oil extraction rate and hence has implications for both the timing of oil exhaustion and optimal climate policy. We analyse what role oil demand specification plays in strategic interactions b between an oil-importing country producing final goods and...
Persistent link: https://www.econbiz.de/10011264740
We investigate the Hartwick rule for saving of a nation necessary to sustain a constant level of private consumption for a small open economy with an exhaustible stock of natural resources. The amount by which a country saves and invests less than the marginal resource rents equals the expected...
Persistent link: https://www.econbiz.de/10005662316
This paper proposes a revised theory of the classical notion of normal prices for an economy with exhaustible natural …-established theory requires a reinterpretation and methodological clarification of Sraffa's equations, but without a change in their … mathematical form. The revised theory must focus on the effectual supply of the resource and it can ignore its total endowment. …
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This paper proposes an extension of the classical theory of normal prices to an n-commodity economy with exhaustible …. Parrinello, “The Notion of Effectual Supply and the Theory of Normal Prices with Exhaustible Natural Resources”, Economic Systems …
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The present paper reviews the literature on the empirical implications of the Hotelling rule and suggests directions for further research in this area. Copyright Kluwer Academic Publishers 1998
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