| A Preview | p. 1 |
| Resource Allocation in a Timeless World | p. 11 |
| Introduction | p. 11 |
| Equilibrium Concepts | p. 11 |
| The Prisoner's Dilemma: An Example | p. 18 |
| Competitive Equilibrium of a Private Ownership Economy | p. 22 |
| Competitive Equilibrium and Pareto Efficiency | p. 31 |
| Bibliographical Notes | p. 37 |
| Externalities | p. 39 |
| Introduction | p. 39 |
| Market Equilibrium and Pareto Efficiency | p. 39 |
| Markets for Externalities | p. 44 |
| Pigouvian Taxes for Correcting Externalities | p. 52 |
| Common Property Resource or the Problem of the 'Common' | p. 55 |
| Some Examples of Common Property Resources | p. 73 |
| Asymmetrical Externalities and the Multiplicity of Tax Equilibria | p. 78 |
| Conclusions | p. 92 |
| Bibliographical Notes | p. 93 |
| Intertemporal Equilibrium | p. 95 |
| A Basic Result | p. 95 |
| Consistent Preference: A Mild Digression | p. 98 |
| The Basic Result: An Interpretation | p. 99 |
| Time Dated Commodities and Forward Markets: A General Account | p. 100 |
| Durables | p. 103 |
| The Arbitrage Equation | p. 105 |
| Commentary on Intertemporal Equilibrium | p. 107 |
| Renewable Resources: Some Ecological and Environmental Models | p. 113 |
| Population Growth Curves | p. 113 |
| The Own Rate of Return | p. 118 |
| Exploitation in the Absence of Regulations | p. 119 |
| Present Value Profit Maximizing Catch Policy 1: Catch obtained Costlessly | p. 126 |
| Present Value Profit Maximizing Catch Policy 2: Catch Requires Resources | p. 134 |
| Optimal Regulatory Policy | p. 141 |
| Blue Whales: An Application | p. 144 |
| Revocable and Irrevocable Processes | p. 148 |
| Bibliographical Notes | p. 151 |
| Exhaustible Resources: an Introduction | p. 153 |
| Extraction from a Single Competitive Industry: The Pure Royalty Case | p. 153 |
| A Socially Managed Exhaustible Resource | p. 163 |
| Resource Exhaustion in Finite Time | p. 166 |
| Extraction from a Single Competitive Industry: The Presence of Extraction Costs | p. 167 |
| Resource Depletion and Research and Development | p. 181 |
| Conclusions | p. 190 |
| Bibliographical Notes | p. 192 |
| Production with Exhaustible Resources | p. 193 |
| Production Possibilities and Intertemporal Programmes | p. 193 |
| Essential and Inessential Exhaustible Resources | p. 196 |
| Static Efficiency--Economic and Thermodynamic | p. 208 |
| Efficient and Inefficient Programmes | p. 213 |
| The Social Rate of Return on Investment | p. 220 |
| Conclusion | p. 224 |
| Bibliographical Notes | p. 225 |
| Resource Depletion and Capital Accumulation in a Competitive Economy | p. 227 |
| The Perfect Myopic Foresight Case | p. 227 |
| The Measurement of Net National Product | p. 244 |
| Imperfect Short-run Foresight | p. 246 |
| Conclusions | p. 253 |
| Bibliographical Notes | p. 253 |
| Measurability, Comparability and the Aggregation of Intergenerational Welfares | p. 255 |
| Market Mechanism and Intergenerational Distribution of Welfare | p. 255 |
| The Setting | p. 258 |
| Classical Utilitarianism | p. 260 |
| The Existence of a Utilitarian Optimum | p. 265 |
| Choice behind the Veil of Ignorance | p. 269 |
| Intuitionist Conceptions | p. 275 |
| Conclusion | p. 281 |
| Bibliographical Notes | p. 281 |
| The Optimal Depletion of Exhaustible Resources | p. 283 |
| A General Argument | p. 283 |
| The Maxi-min Programme | p. 288 |
| The 'Utilitarian' Optimum | p. 292 |
| Commentary on the Implications of 'Utilitarian' and Maxi-min Criteria | p. 308 |
| Extension to an Open Economy | p. 313 |
| Bibliographical Notes | p. 320 |
| Imperfect Competition and Exhaustible Resources | p. 323 |
| Introduction | p. 323 |
| Monopoly: the Basic Issues | p. 323 |
| The Role of Elasticity of Demand | p. 325 |
| Extraction Costs and Monopoly | p. 333 |
| Monopsony | p. 334 |
| Imperfect Competition | p. 336 |
| Asymmetrically placed Oligopolists: The Phenomenon of Limit Pricing | p. 340 |
| Resource-owning Cartel and Resource-owning Fringe | p. 345 |
| Oligopolistic Resource Markets: An Application on OPEC and the Oil Market | p. 351 |
| Conclusions | p. 357 |
| Bibliographical Notes | p. 358 |
| Taxation of Exhaustible Resources | p. 361 |
| Introduction | p. 361 |
| A Sales Tax | p. 363 |
| A Profits Tax | p. 365 |
| Royalties | p. 367 |
| A Capital Gains Tax | p. 368 |
| The Depletion Allowance | p. 368 |
| True Depletion Allowance | p. 370 |
| The U.K. Petroleum Revenue Tax | p. 371 |
| A Dynamic Version of the Problem of the Common | p. 372 |
| Bibliographical Notes | p. 375 |
| Uncertainty, Information and the Allocation of Risk | p. 377 |
| Introduction | p. 377 |
| Risk Sharing, Fair Insurance Contracts and the Law of Large Numbers | p. 378 |
| Information and Its Value | p. 388 |
| Types of Uncertainty | p. 395 |
| Irrevocable Decisions and Option Values | p. 397 |
| Optimal Environmental Programmes under Uncertainty | p. 400 |
| Bibliographical Notes | p. 409 |
| Uncertainty and the Allocation of Resources | p. 411 |
| The Arrow-Debreu Theory of Contingent Markets | p. 411 |
| The Production of Information: Research and Development | p. 418 |
| Uncertainty in Reserves and the Social Value of Exploration | p. 427 |
| Private Incentives for Exploration | p. 433 |
| Bibliographical Notes | p. 437 |
| Price Movements in Resource Markets | p. 439 |
| Introduction | p. 439 |
| Externalities in a Dynamic Context | p. 439 |
| Absence of Forward Markets | p. 440 |
| Uninsurable Risks | p. 448 |
| The Price of Oil | p. 449 |
| Simulation Studies | p. 452 |
| Conclusions on Oil | p. 453 |
| The Influence of Interest Rates | p. 454 |
| The Work of Barnett and Morse | p. 464 |
| Conclusions | p. 469 |
| Bibliographical Notes | p. 469 |
| Conclusions | p. 471 |
| Introduction | p. 471 |
| The Behaviour of Markets | p. 471 |
| Planning | p. 474 |
| Research and Development | p. 475 |
| Are There Exhaustible Resources? | p. 478 |
| Final Remarks | p. 479 |
| Bibliographical Notes | p. 480 |
| Bibliography | p. 481 |
| Index | p. 497 |
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