1. INTRODUCTION 2. THE PRICE-TAKING RESOURCE-EXTRACTING FIRM Introduction Details of the Resource Extracting Firm Asset Equilibrium Along Optimal Programs The Output Constrained Firm and Initial Investments Solving the Model of the Firm and Comparative Statics A Production Function for Extraction for the Resource Extracting Firm Uncertainty in the Future Value of a Parameter Two Deposits of Uncertain Size Facing the Firm Varying Quality of Ore in the Model of the Extracting Firm 3. A RESOURCE EXTRACTION INDUSTRY Introduction The Industry in Detail Exhaustion of Finite Stocks and Society's Future Solving the Hotelling Model and Comparative Statics The Constant Elasticity of Demand (Zero Extraction Cost) Example The Linear Demand (Constant Extraction Cost) Example Quality Variation in the Industry Model Many Certain Deposits with Distinct Constant Extraction Costs Asset Equilibrium and Two Market Failures Monopoly Extraction 4. THE BACKSTOP AND OLIGOPOLY Introduction The Backstop Supply and Extraction Programs Uncertainty in the Date of Arrival of the Backstop Oligopoly and Extraction Programs Cournot Oligopoly with n Extracting Firms A Dominant Seller and a Competitive Fringe Oligopoly Under Alternative Solution Concepts Oligopoly With Imperfect Property Rights for Stocks 5. EXPLORATION AND TAXATION Introduction The Firm Exploring Under Certainty Uncertainty in Exploration by the Firm Search and Rent Dissipation Auctions and Resource Tract Sales Taxation of Exhaustible Resources 6. ECONOMIC GROWTH AND EXHAUSTIBLE RESOURCES Introduction Accumulation of Reproducible Capital (Population and Technology Unchanging) Investing Resource Rents Population Growth and Technical Progress Growth Without Extraction Costs (positive population growth with Neutral Technical Change) Growth Accounting with Exhaustible Resources 7. THEORY AND FACTS (STYLIZED AND OTHERWISE) References Appendix I: Notes on the Historical Background to Rent on Exhaustible Resources Appendix II: Economic Depreciation and Asset Equilibrium Appendix III: Costly Exploration and Extraction Index
1. INTRODUCTION 2. THE PRICE-TAKING RESOURCE-EXTRACTING FIRM Introduction Details of the Resource Extracting Firm Asset Equilibrium Along Optimal Programs The Output Constrained Firm and Initial Investments Solving the Model of the Firm and Comparative Statics A Production Function for Extraction for the Resource Extracting Firm Uncertainty in the Future Value of a Parameter Two Deposits of Uncertain Size Facing the Firm Varying Quality of Ore in the Model of the Extracting Firm 3. A RESOURCE EXTRACTION INDUSTRY Introduction The Industry in Detail Exhaustion of Finite Stocks and Society's Future Solving the Hotelling Model and Comparative Statics The Constant Elasticity of Demand (Zero Extraction Cost) Example The Linear Demand (Constant Extraction Cost) Example Quality Variation in the Industry Model Many Certain Deposits with Distinct Constant Extraction Costs Asset Equilibrium and Two Market Failures Monopoly Extraction 4. THE BACKSTOP AND OLIGOPOLY Introduction The Backstop Supply and Extraction Programs Uncertainty in the Date of Arrival of the Backstop Oligopoly and Extraction Programs Cournot Oligopoly with n Extracting Firms A Dominant Seller and a Competitive Fringe Oligopoly Under Alternative Solution Concepts Oligopoly With Imperfect Property Rights for Stocks 5. EXPLORATION AND TAXATION Introduction The Firm Exploring Under Certainty Uncertainty in Exploration by the Firm Search and Rent Dissipation Auctions and Resource Tract Sales Taxation of Exhaustible Resources 6. ECONOMIC GROWTH AND EXHAUSTIBLE RESOURCES Introduction Accumulation of Reproducible Capital (Population and Technology Unchanging) Investing Resource Rents Population Growth and Technical Progress Growth Without Extraction Costs (positive population growth with Neutral Technical Change) Growth Accounting with Exhaustible Resources 7. THEORY AND FACTS (STYLIZED AND OTHERWISE) References Appendix I: Notes on the Historical Background to Rent on Exhaustible Resources Appendix II: Economic Depreciation and Asset Equilibrium Appendix III: Costly Exploration and Extraction Index
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