Cairns, Robert D.; Davis, Graham A. - In: The Review of Economics and Statistics 80 (1998) 4, pp. 658-663
We reformulate the "Hotelling valuation principle" to take into account the special production characteristics of hard-rock minerals. The data requirements of the revised model are still parsimonious, but the resultant valuations are some 40% below those produced by the Hotelling valuation...