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Set-up Costs and Theory of Exhaustible Resources

Author

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  • John Hartwick
  • Murray Kemp
  • Ngo van Long

Abstract

With several identical deposits of an exhaustible non-reproducible resource, the working of a deposit entails a set-up cost but no other cost. The deposits must be extracted in strict sequence with jump discontinuities of marginal benefits at transition points. Moreover, the average rate of increase of marginal benefit is less than the interest rate.

Suggested Citation

  • John Hartwick & Murray Kemp & Ngo van Long, 1980. "Set-up Costs and Theory of Exhaustible Resources," Working Paper 412, Economics Department, Queen's University.
    • Handle: RePEc:qed:wpaper:412
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