This paper extends the classical exhaustible-resource/stock-pollution model with the irreversibility of pollution decay. Within this framework, we answer the question how the potential irreversibility of pollution affects the extraction path. We investigate the conditions under which the economy...

We propose an equilibrium model of exhaustible resources in a comprehensive setting, including exploration, stochastic demand, and stochastic reserve, by extending the models in Pindyck (1980) and Anderson, Kellogg, and Salant (2018). The production adjustments can be quite general, e.g., sudden...

This paper studies the implications for reserve lifetime and related quantities in a continuous time model of resource extraction under uncertainty. Both the resource price and the extracted amount are assumed to follow stochastic processes. Reserve lifetime is determined by the...

This paper extends the classical exhaustible-resource/stock-pollution model with the irreversibility of pollution decay. Within this framework, we answer the question how the potential irreversibility of pollution affects the extraction path. We investigate the conditions under which the economy...

This paper extends the classical exhaustible-resource/stock-pollution model with the irreversibility of pollution decay. Within this framework, we answer the question how the potential irreversibility of pollution affects the extraction path. We investigate the conditions under which the economy...

This paper analyses recycling of waste and downgrading of secondary resources using a classical type of production model represented by a Sraffian model. Residuals emitted as waste by households and secondary resources obtained by recycling of waste are negatively or positively priced, depending...