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This paper investigates the effect of institutional quality on sustainable development.Institutional quality is assumed to determine the (perceived) risk in the face of which oil and mining firms determine their level of investment in physical and natural capital. Since these two types of...
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in the Theory of Exhaustible Resources', Bell Journal of Economics, 7 (2), Autumn, 359-70 -- 8. David Levhari and Nissan …-92 -- 9. Y. H. Farzin (1992), 'The Time Path of Scarcity Rent in the Theory of Exhaustible Resources', Economic Journal, 102 … Extraction, Substitute Production, and Monopoly', Journal of Economic Theory, 19 (1), October, 28-37 -- 24. Joseph E. Stiglitz …
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