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dc.contributor.author Lewis, Tracy en_US
dc.date.accessioned 2010-03-09T15:26:51Z
dc.date.available 2010-03-09T15:26:51Z
dc.date.issued 1982 en_US
dc.identifier.uri http://hdl.handle.net/10161/1863
dc.description.abstract Kemp and Long demonstrated that it may be preferable to exploit high and low cost resource deposits simultaneously and not in sequence as is typically assumed in the resources literature. They show that it is desirable to delay extraction from low cost pools in order to smooth consumption over time, if the resource in the ground is society's only store of wealth. This paper considers a model in which extracted resources can be converted into capital which may either be consumed or stored to provide for consumption later on. We find that a sufficient condition for the strict sequencing of extraction to be optimal is that stored capital be productive so that it can be used to produce additional capital. en_US
dc.format.extent 93586 bytes
dc.format.mimetype application/pdf
dc.language.iso en_US
dc.publisher Econometrica en_US
dc.subject extracting resources en_US
dc.title Sufficient Conditions for Extracting Least Cost Resource First en_US
dc.type Journal Article en_US
dc.department Economics

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