This paper provides a non-renewable resource extraction model with both technological change and resource exploration …. Especially, we consider two types of technology, extraction technology and exploration technology. We show how these technologies … revenue of extraction and resource price by changing the structure of those dynamics, while progress in exploration technology …

rarely found. If existent, these tests tend to ignore two key features, namely market power and exploration. We therefore … suggest an extension of the basic Hotelling framework to incorporate exploration activity and market power and propose an …