We develop two models of economic growth with exhaustible natural resources and consumers heterogeneous in time preferences. The first model assumes private ownership of natural resources. In the second model, natural resources are commonly owned and the resource extraction rate is chosen by...

The story of mining is the story of civilization. From the development of metal currency and rudimentary tools through the extraction of fossil fuels and rare earth minerals necessary for renewable energy technology, mining is fundamental to human advancement. American civilization is no...

It has long been recognized that the quality of property rights greatly impacts the economic development of a country and the use of its natural resources. Since Long (1975), the conventional wisdom has been that ownership risk induces a firm to overuse the stock of a resource. However, the...