Early exhaustible resource economics provides an important foundation for recent suggestions that firm-level economic modeling plays a larger role in the analysis of resource scarcity. The lack of empirical support for Hotelling's "r"-percent rule, introduced in 1931, and recent suggestions that...

A dynamic optimal control model describing the benefits and costs associated with the development of tropical forests rich in plant and animal species and folk knowledge is presented. The model is used as a framework to assess how various market and institutional incentives might influence both...

Royalty structure has been linked to deforestation through non-sustainable harvesting and high grading. Yet royalties are an important rent generation mechanism for governments. In this paper, a dynamic model of government policy choice is used to compare different royalty systems with respect...