The Maxwell School
Syracuse University
Syracuse University
| Fundamental References
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| Neher, Chapter 4 and Chapters 15 through 20. | |
| Hotelling, Harold (1931), "The Economics of Exhaustible Resources," Journal of Political Economy, 30(2): 137-75. | |
| Levhari, David and Nissan Liviatan (1977) "Notes on Hotelling's Economics of Exhaustible Resources," Canadian Journal of Economics, 10(2): 177-192. (Excellent generalization of the Hotelling model to a much wider class of problems.) | |
| Krautkraemer, Jeffrey A. (1998), "Nonrenewable Resource Scarcity," Journal of Economic Literature, 36(December 1998): 2065-2107. (Very complete overview of the state of exhaustible resource economics.) | |
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Depletion
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| Conrad and Clark, Sections 3.1 and 3.2. | |
| Fisher, Chapter 2. | |
| Devarajan, Shantayanan and Anthony C. Fisher (1981), "Hotelling's 'Economics of Exhaustible Resources': Fifty Years Later," Journal of Economic Literature, 19(1981): 65-73. | |
| Smith, V. Kerry (1981), "The Empirical Relevance of Hotelling's Model for Natural Resources," Resources and Energy, 3, 105-17. | |
| Stiglitz, Joseph E. (1976), "Monopoly and the Rate of Extraction of Exhaustible Resources," American Economic Review, 66:655-61. | |
| Hartwick, J.M. (1990), "Duopoly in Exhaustible Resource Exploration and Extraction," Canadian Journal of Economics, 23(2): 276-93. | |
| Solow, Robert M. (1974), "Intergenerational Equity and Exhaustible Resources," Review of Economic Studies: Symposium on the Economics of Exhaustible Resources. | |
| Libecap, G.D. and S.N. Wiggins (1984), "Contractual Responses to the Common Pool: Prorationing of Crude Oil Production," American Economic Review, 74, 97. | |
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Exploration
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| Fisher, Section 2.7. | |
| Conrad and Clark, Section 3.4. | |
| Pindyck, R.S. (1978), "The Optimal Exploration and Production of Nonrenewable Resources," Journal of Political Economy, 86(5): 841-62. | |
| Pindyck, R.S. (1980), "Uncertainty and Exhaustible Resource Markets," Journal of Political Economy, 88, 1203-25. | |
| Devarajan, S. and A. Fisher (1982), "Exploration and Scarcity," Journal of Political Economy, 90, 1279-90. | |
| Swierzbinski, Joseph E. and Robert Mendelsohn (1989), "Exploration and Exhaustible Resources: The Microfoundations of Aggregate Models," International Economic Review, 30(1): 175-186. | |