On the Transition from an Exhaustible Resource Stock to an Inexhaustible Substitute

Manh Hung Nguyen, Murray Kemp and Ngo Long

Chapter 7 in Demand, Equilibrium and Trade, 1984, pp 105-121 from Palgrave Macmillan

Abstract: Abstract A country possesses an exhaustible and non-renewable resource stock, say oil. It also knows how to produce a perfect flow-substitute, say solar energy. Sooner or later the country must look to the sun rather than its oil wells as its primary or only source of energy. Both the extraction of oil and the harnessing of the sun may be costly. In particular, the production of solar energy may entail set-up costs as well as conventional scale-dependent costs.2

Keywords: Solar Energy; Finite Time; Initial Stock; Resource Stock; Exhaustible Resource (search for similar items in EconPapers)
Date: 1984
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DOI: 10.1007/978-1-349-06358-1_7

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