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Technology adoption in nonrenewable resource management

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Author Info
Cunha-e-Sá, Maria A.
Balcão Reis, Ana
Roseta-Palma, Catarina

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Abstract

Technological change has played an important role in models of nonrenewable resource management, since its presence mitigates the depletion effect on extraction costs over time. We formalize the problem of a competitive nonrenewable resource extracting firm faced with the possibility of technology adoption. Based on a quadratic extraction cost function, our results show that the expected net benefits from adoption increase both with the size of the resource stock and with prices. A boundary that separates the region where expected net benefits are positive from the one where they are negative is derived.

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File URL: http://www.sciencedirect.com/science/article/B6V7G-4TJX1T9-1/2/2523590046453a439a37e431731d8588
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Publisher Info
Article provided by Elsevier in its journal Energy Economics.

Volume (Year): 31 (2009)
Issue (Month): 2 (March)
Pages: 235-239
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Handle: RePEc:eee:eneeco:v:31:y:2009:i:2:p:235-239

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Web page: http://www.elsevier.com/locate/eneco

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Related research
Keywords: Nonrenewable resource Technology adoption Quadratic cost Size of the stock;

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Pindyck, Robert S, 1978. "The Optimal Exploration and Production of Nonrenewable Resources," Journal of Political Economy, University of Chicago Press, vol. 86(5), pages 841-61, October. [Downloadable!] (restricted)
  2. Bronwyn H. Hall & Beethika Khan, 2003. "Adoption of New Technology," NBER Working Papers 9730, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  3. Dasgupta, Partha, 1993. "Natural resources in an age of substitutability," Handbook of Natural Resource and Energy Economics, in: A. V. Kneese† & J. L. Sweeney (ed.), Handbook of Natural Resource and Energy Economics, edition 1, volume 3, chapter 23, pages 1111-1130 Elsevier. [Downloadable!] (restricted)
  4. Farzin Y. H., 1995. "Technological Change and the Dynamics of Resource Scarcity Measures," Journal of Environmental Economics and Management, Elsevier, vol. 29(1), pages 105-120, July. [Downloadable!] (restricted)
  5. Farzin, Y. H. & Huisman, K. J. M. & Kort, P. M., 1998. "Optimal timing of technology adoption," Journal of Economic Dynamics and Control, Elsevier, vol. 22(5), pages 779-799, May. [Downloadable!] (restricted)
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  6. Balcer, Yves & Lippman, Steven A., 1984. "Technological expectations and adoption of improved technology," Journal of Economic Theory, Elsevier, vol. 34(2), pages 292-318, December. [Downloadable!] (restricted)
  7. Pindyck, Robert S., 2002. "Optimal timing problems in environmental economics," Journal of Economic Dynamics and Control, Elsevier, vol. 26(9-10), pages 1677-1697, August. [Downloadable!] (restricted)
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