The one demand Hotelling model fails to explain the observed specialization of nonrenewable resources in specific end-uses. We develop a model with multiple demands and multiple resources and grades. Principles of Ricardian absolute and comparative advantage play an important role in determining...

The one-demand Hotelling model fails to explain the observed specialization of nonrenewable resources. We develop a model with multiple demands and resources to show that specialization of resources according to demand is driven by Ricardian comparative advantage while the order of resource use...

The one-demand Hotelling model fails to explain the observed specialization of nonrenewable resources. We develop a model with multiple demands and resources to show that specialization of resources according to demand is driven by Ricardian comparative advantage while the order of resource use...

A model of global warming with endogenous substitution of energy resources and multiple energy demands is developed. It suggests that, if historical rates of cost reduction in the production of solar energy are maintained, most of the world's coal will never be used. The world will move from oil...

This paper examines the optimal extraction sequence of nonrenewable resources in the presence of multiple demands. We provide conditions under which extraction of a nonrenewable resource may be discontinuous over the course of its depletion.

This paper examines the sequence of optimal extraction of nonrenewable resources in the presence of multiple demands. We provide conditions under which extraction of a nonrenewable resource may be discontinuous over the course of its depletion.