By Anthony C. Fisher
This publication provides the most important topics of the industrial literature on common assets and the surroundings. it really is designed to convey the reader, partially using a unified version of optimum source use, to the frontiers of the self-discipline, utilizing basically common mathematical types. gains distinctive to exhaustible and renewable assets, together with the issues posed by means of marketplace imperfections, are handled as extensions of the fundamental version. The theoretical dialogue is enriched with examples and functions, together with a scientific research of the behaviour of source reserves, charges, costs, and substitution probabilities. massive recognition to environmental, in addition to extractive, assets is a particular element of this publication. the writer describes tools of estimating the environmental expenses of source improvement and different initiatives, and offers a few key empirical findings. coverage tools to guard the surroundings, corresponding to taxes, subsidies, marketable allows, and direct controls, are conscientiously analysed from a welfare-theoretic viewpoint.
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Extra resources for Resource and Environmental Economics
To help answer this question, let us work through a simple numerical example. Suppose that there are just 10 barrels of oil in the ground in total, that the (constant) marginal cost of extraction is $2 per barrel, that the demand in period t (t = 0, 1) is given by the equationp t = \0 — yt, where/? 10. Now we can ask our question: What allocation of output over the two periods will yield the greatest net benefit from the oil? For simplicity, we assume just two periods, but the results we obtain can readily be extended.
We have assumed that the extraction-cost function facing the firm is the same as that facing the planner, but if extraction and related downstream activities entail external costs, this need not be so. Environmental externalities of various sorts will be discussed in Chapters 5 and 6. Still another problem, to be treated later in this chapter, is uncertainty about future demand and supply of the resource. We have assumed that the planner knows future demand and that the firm knows future prices, in deriving depletion paths for each.
05. 86, indicating that the monopolist depletes the resource more slowly. This is not a perfectly general result. However, it does follow as long as elasticity is decreasing, over quantities. The linear demand curve in our problem clearly falls in this class. 8 The same result, the monopolist accelerating depletion, can also occur as a consequence of changes in demand over time. For example, suppose demand becomes less elastic, shifting from p0 = 10 — y0 to px = 20 - 2yx. 03. This makes sense. The monopolist can restrict second-period output to take advantage of the less elastic demand.