The economics of exhaustible resources : a theoretical contribution
This is a theoretical study of some of the basic problems associated with the intertemporal conservation and use of exhaustible resources. The emphasis throughout the thesis is on issues of social welfare — in particular we are concerned to find out how an economy should manage its resources in order to maximize the stream of returns which it receives from exploiting them over some time period. To this end a number of optimal control models are applied to the following questions: (i)...[Show more]
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