Interest Rate and Output Price Uncertainty and Industry Equilibrium for Nonrenewable Resource Extracting Firms

David Yeung and John M. Hartwick

Working Papers from Queen's University, Department of Economics

Abstract: We establish convexity of a nonrenewable resource extracting agent's value function in the future interest rate, a random variable. A preference by the agent for future interest uncertainty follows. A rational expectations, m identical firm industry equilibrium is characterized and the links between interest rate uncertainty and output price uncertainty are investigated.

Date: 1985

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Journal Article: Interest rate and output price uncertainty and industry equilibrium for non-renewable resource extracting firms (1988)
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Persistent link: http://EconPapers.repec.org/RePEc:qed:wpaper:599

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