We set out dollar-valued net national product for an economy with a wasting essential stock (oil deposit). We take up `maintaining capital intact' and locally unchanging consumption. The percentage change in `net investment' or `genuine savings,' relative to the market rate of interest, denotes...

We set out a model of a small open economy exporting oil and a traditional exportable in return for produced capital. The small open economy also has local production of a non-traded good. We first observe that the size of the traditional export sector declines with an exogenous increase in the...

We set out a model of a two-good, small open economy exporting a traditional exportable in order to …finance capital goods rental payments. We observe that the traditional export sector declines with an exogenous increase in the country's oil export earnings, while the local goods sector...

Poor farmers in developing countries need access to affordable high-quality seed of improved crop varieties to improve their incomes and reduce malnutrition. Vegetables are vital for balanced nutrition, particularly in Africa, where production has been almost static for decades, per capita...

Strategic considerations of exploration and extraction are investigated in a two-player, two-period, two-stage perfect equilibrium framework. Relative to two "plant" monopoly, the duopolists explore more and extract more period by period. A mixed game in which there is cooperation "upstream" in...

We establish a general preference for price uncertainty by the price taking, risk neutral, nonrenewable resource extracting firm with orthodox convex extraction costs. Option prices for delivery of a ton at a particular date in the future exceed the expected dollar return from the purchase of...