A Model of Resource Depletion with Multiple Grades

Alistair M. Ulph

The Economic Record, 1978, vol. 54, issue 3, 334-345

Abstract: The standard extension of the Hotelling model of resource depletion to consider multiple grades leads to sequential development of successively poorer grades. However, this is not what is observed, and this paper formalises one reason for simultaneous exploitation—the existence of overhead costs in the preparation of a mine. It is shown that the structure of rents which is obtained in the simple model of multiple grades still applies in this more complex situation.

Date: 1978
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https://doi.org/10.1111/j.1475-4932.1978.tb01635.x

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