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- On the Economics of Non-Renewable Resources - EOLSS
Whatever the reason, so long as the marginal extraction cost is not determined directly by the cumulative amount of the resource extracted, the result would be that net price, i e , price minus the marginal extraction cost, or scarcity rent, would rise exponentially at r per cent per year
- Economics of Non-renewable Resources: Conditions for Optimal Depletion
In 1931, Harold Hotelling introduced the Hotelling rule—the fundamental theoretical principle of non-renewable resource economics in respect of Conditions for Optimal Depletion or extraction of exhaustible resources or non- renewable resources
- (PDF) Confuser Cost - ResearchGate
The terms “royalty”, “marginal user cost”, and “scarcity rent” are often used interchangeably in resource economics, resulting in considerable confusion
- Non-renewable resource exploitation: basic models
We can give some economic meaning to the end price p (T ) in the case of many non-renewable resources (fuels, in particular) by supposing that there exists a substitute for the resource - a backstop resource or technology - which is available at a higher price
- Economics of Non-renewable resources - B. P. Chaliha College
The optimal price of the resource will now be given by the sum of the marginal extraction cost of the resource and the marginal user cost (also referred to as royalty or the resource rent which is the appreciation in the value of the resource that has not been extracted)
- Microsoft Word - 6. nonrenewable_I_small. doc - uwaterloo. ca
When the price of a non-renewable resource rises high enough we might expect demand to go to zero as another cheaper substitute is available This is called a backstop
- ECON 308 Notes - Chapter 5
Consumption in the present is justified if marginal net benefit in the present is greater than the user cost
- ECONOMICS OF NON-RENEWABLE RESOURCES
Whatever the reason, so long as the marginal extraction cost is not determined directly by the cumulative amount of the resource extracted, the result would be that net price, i e , price minus the marginal extraction cost, or scarcity rent, would rise exponentially at r per cent per year
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