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The one-demand Hotelling model fails to explain the observed specialization of nonrenewable resources. We develop a model with multiple demands and resources to show that specialization of resources according to demand is driven by Ricardian comparative advantage while the order of resource use...
Persistent link: https://www.econbiz.de/10005704460
This paper examines the optimal extraction sequence of nonrenewable resources in the presence of multiple demands. We provide conditions under which extraction of a nonrenewable resource may be discontinuous over the course of its depletion.
Persistent link: https://www.econbiz.de/10005449368
Persistent link: https://www.econbiz.de/10005257575
Derivation of Least Squares (LS) estimators of intercept and slope in bivariate regression model has been solely calculus-based. Herein, for the first time in the chronicle of regression, we provide a derivation of the LS estimators in very basic algebra within the grasp of the intended readers...
Persistent link: https://www.econbiz.de/10005765396
Persistent link: https://www.econbiz.de/10005824214
We define a new class of linear estimators which includes as a subset all linear unbiased estimators. Subsequently, we establish Aitken estimator, the best linear unbiased estimator, further as the best in this larger class of linear estimators.
Persistent link: https://www.econbiz.de/10005704489
We derive the precise analytic limit of the variance estimator of g, the concentrated ML estimator of gamma-naught in the adaptive regression model, and show that the limit and the original estimator generate virtually identical estimates of the variance of g and the corresponding significance...
Persistent link: https://www.econbiz.de/10005247911
To meet the growing demand for freshwater, many regions have increased pumping of groundwater in recent years, resulting in declining groundwater levels worldwide. A promising development is technical change regarding groundwater substitutes such as desalination and wastewater recycling....
Persistent link: https://www.econbiz.de/10011162935
General principles of groundwater management for a single aquifer are extended to the management of multiple water resources, including additional aquifers, recycled wastewater, and desalinated seawater. Optimal groundwater extraction can be incentivized by pricing according to the Pearce...
Persistent link: https://www.econbiz.de/10011162937
We review the theory of optimal conjunctive-use management absent transaction costs as a point of departure for a second-best theory of management. We first explore the problem of optimal pricing of surface water when groundwater remains unregulated. We then move to consideration of...
Persistent link: https://www.econbiz.de/10011162940