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exhaustible resource. The theory is briefly described to set the stage for the review of empirical tests and applications. Those …
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We analyze resource extraction in a political economy setting by introducing a political leader who optimizes both his own and the society's welfare function. We find that accounting for the private utility of a political elite, its higher discount factor and a different time horizon generally...
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For a number of reasons a large class of general equilibrium models from the field of resource economics does not allow … for an equilibrium analysis along the lines of the theory of infinite dimensional commodity spaces. The reasons concern …
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