Show simple item record Lewis, Tracy 2010-03-09T15:26:51Z 2010-03-09T15:26:51Z 1982
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.
dc.format.extent 93586 bytes
dc.format.mimetype application/pdf
dc.language.iso en_US
dc.publisher Econometrica
dc.subject extracting resources
dc.title Sufficient Conditions for Extracting Least Cost Resource First
dc.type Journal article

Files in this item


This item appears in the following Collection(s)

Show simple item record