Set-up Costs and Theory of Exhaustible Resources

John M. Hartwick, Murray C. Kemp () and Ngo Van Long

Working Papers from Queen's University, Department of Economics

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.

Date: Written
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Journal Article: Set-up costs and theory of exhaustible resources (1986)
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