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Economic Theory and Exhaustible Resources : Cambridge Economic Handbooks - P. S. Dasgupta

Economic Theory and Exhaustible Resources

Cambridge Economic Handbooks

Paperback Published: 20th May 1985
ISBN: 9780521297615
Number Of Pages: 516

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A presentation of the economic principles relating to the use and management of natural resources, including analysis of optimal use policies.

A Previewp. 1
Resource Allocation in a Timeless Worldp. 11
Introductionp. 11
Equilibrium Conceptsp. 11
The Prisoner's Dilemma: An Examplep. 18
Competitive Equilibrium of a Private Ownership Economyp. 22
Competitive Equilibrium and Pareto Efficiencyp. 31
Bibliographical Notesp. 37
Externalitiesp. 39
Introductionp. 39
Market Equilibrium and Pareto Efficiencyp. 39
Markets for Externalitiesp. 44
Pigouvian Taxes for Correcting Externalitiesp. 52
Common Property Resource or the Problem of the 'Common'p. 55
Some Examples of Common Property Resourcesp. 73
Asymmetrical Externalities and the Multiplicity of Tax Equilibriap. 78
Conclusionsp. 92
Bibliographical Notesp. 93
Intertemporal Equilibriump. 95
A Basic Resultp. 95
Consistent Preference: A Mild Digressionp. 98
The Basic Result: An Interpretationp. 99
Time Dated Commodities and Forward Markets: A General Accountp. 100
Durablesp. 103
The Arbitrage Equationp. 105
Commentary on Intertemporal Equilibriump. 107
Renewable Resources: Some Ecological and Environmental Modelsp. 113
Population Growth Curvesp. 113
The Own Rate of Returnp. 118
Exploitation in the Absence of Regulationsp. 119
Present Value Profit Maximizing Catch Policy 1: Catch obtained Costlesslyp. 126
Present Value Profit Maximizing Catch Policy 2: Catch Requires Resourcesp. 134
Optimal Regulatory Policyp. 141
Blue Whales: An Applicationp. 144
Revocable and Irrevocable Processesp. 148
Bibliographical Notesp. 151
Exhaustible Resources: an Introductionp. 153
Extraction from a Single Competitive Industry: The Pure Royalty Casep. 153
A Socially Managed Exhaustible Resourcep. 163
Resource Exhaustion in Finite Timep. 166
Extraction from a Single Competitive Industry: The Presence of Extraction Costsp. 167
Resource Depletion and Research and Developmentp. 181
Conclusionsp. 190
Bibliographical Notesp. 192
Production with Exhaustible Resourcesp. 193
Production Possibilities and Intertemporal Programmesp. 193
Essential and Inessential Exhaustible Resourcesp. 196
Static Efficiency--Economic and Thermodynamicp. 208
Efficient and Inefficient Programmesp. 213
The Social Rate of Return on Investmentp. 220
Conclusionp. 224
Bibliographical Notesp. 225
Resource Depletion and Capital Accumulation in a Competitive Economyp. 227
The Perfect Myopic Foresight Casep. 227
The Measurement of Net National Productp. 244
Imperfect Short-run Foresightp. 246
Conclusionsp. 253
Bibliographical Notesp. 253
Measurability, Comparability and the Aggregation of Intergenerational Welfaresp. 255
Market Mechanism and Intergenerational Distribution of Welfarep. 255
The Settingp. 258
Classical Utilitarianismp. 260
The Existence of a Utilitarian Optimump. 265
Choice behind the Veil of Ignorancep. 269
Intuitionist Conceptionsp. 275
Conclusionp. 281
Bibliographical Notesp. 281
The Optimal Depletion of Exhaustible Resourcesp. 283
A General Argumentp. 283
The Maxi-min Programmep. 288
The 'Utilitarian' Optimump. 292
Commentary on the Implications of 'Utilitarian' and Maxi-min Criteriap. 308
Extension to an Open Economyp. 313
Bibliographical Notesp. 320
Imperfect Competition and Exhaustible Resourcesp. 323
Introductionp. 323
Monopoly: the Basic Issuesp. 323
The Role of Elasticity of Demandp. 325
Extraction Costs and Monopolyp. 333
Monopsonyp. 334
Imperfect Competitionp. 336
Asymmetrically placed Oligopolists: The Phenomenon of Limit Pricingp. 340
Resource-owning Cartel and Resource-owning Fringep. 345
Oligopolistic Resource Markets: An Application on OPEC and the Oil Marketp. 351
Conclusionsp. 357
Bibliographical Notesp. 358
Taxation of Exhaustible Resourcesp. 361
Introductionp. 361
A Sales Taxp. 363
A Profits Taxp. 365
Royaltiesp. 367
A Capital Gains Taxp. 368
The Depletion Allowancep. 368
True Depletion Allowancep. 370
The U.K. Petroleum Revenue Taxp. 371
A Dynamic Version of the Problem of the Commonp. 372
Bibliographical Notesp. 375
Uncertainty, Information and the Allocation of Riskp. 377
Introductionp. 377
Risk Sharing, Fair Insurance Contracts and the Law of Large Numbersp. 378
Information and Its Valuep. 388
Types of Uncertaintyp. 395
Irrevocable Decisions and Option Valuesp. 397
Optimal Environmental Programmes under Uncertaintyp. 400
Bibliographical Notesp. 409
Uncertainty and the Allocation of Resourcesp. 411
The Arrow-Debreu Theory of Contingent Marketsp. 411
The Production of Information: Research and Developmentp. 418
Uncertainty in Reserves and the Social Value of Explorationp. 427
Private Incentives for Explorationp. 433
Bibliographical Notesp. 437
Price Movements in Resource Marketsp. 439
Introductionp. 439
Externalities in a Dynamic Contextp. 439
Absence of Forward Marketsp. 440
Uninsurable Risksp. 448
The Price of Oilp. 449
Simulation Studiesp. 452
Conclusions on Oilp. 453
The Influence of Interest Ratesp. 454
The Work of Barnett and Morsep. 464
Conclusionsp. 469
Bibliographical Notesp. 469
Conclusionsp. 471
Introductionp. 471
The Behaviour of Marketsp. 471
Planningp. 474
Research and Developmentp. 475
Are There Exhaustible Resources?p. 478
Final Remarksp. 479
Bibliographical Notesp. 480
Bibliographyp. 481
Indexp. 497
Table of Contents provided by Syndetics. All Rights Reserved.

ISBN: 9780521297615
ISBN-10: 0521297613
Series: Cambridge Economic Handbooks
Audience: Professional
Format: Paperback
Language: English
Number Of Pages: 516
Published: 20th May 1985
Country of Publication: GB
Dimensions (cm): 22.15 x 13.92  x 3.23
Weight (kg): 0.66