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Exploitation of Many Resource Deposits with Set-up Costs

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  • John Hartwick

Abstract

Characterization of cost-minimizing extraction programs from many deposits of an exhaustible resource to meet exogenously given demand is pursued. The role of set-up costs is focussed upon since such types of costs appear pervasive in some sectors of resource extraction. Weitzman (1975) analyzed such programs for generally declining costs but demand constant per unit time. His analysis does not carry over to cases to varying demands. We restrict costs somewhat and let demand vary quite generally. Extraction costs for a deposits have a fixed component and a non-decreasing variable cost per ton.

Suggested Citation

  • John Hartwick, 1977. "Exploitation of Many Resource Deposits with Set-up Costs," Working Paper 282, Economics Department, Queen's University.
    • Handle: RePEc:qed:wpaper:282
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