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...

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.

We derive the precise analytic limit of the variance estimator of g, the concentrated ML estimator of gamma-naught in the adaptive regression model, and show that the limit and the original estimator generate virtually identical estimates of the variance of g and the corresponding significance...

We define a new class of linear estimators which includes as a subset all linear unbiased estimators. Subsequently, we establish Aitken estimator, the best linear unbiased estimator, further as the best in this larger class of linear estimators.

Derivation of Least Squares (LS) estimators of intercept and slope in bivariate regression model has been solely calculus-based. Herein, for the first time in the chronicle of regression, we provide a derivation of the LS estimators in very basic algebra within the grasp of the intended readers...