Economic Theory and Non Replenishable Resources
Bibliographic Data
| ID | 11969858 |
|---|---|
| Authors | James J McRae (corresponding author) |
| Year | 1975 |
| Volume | 1 |
| Issue | 1 |
| Pages | 58-58 |
| Publication date | 1975-01-01 |
| Open Access | No |
| Type | ARTICLE |
| Venue | Canadian Public Policy (JOURNAL) |
| Journal identifiers | ISSN: 0317-0861 • E-ISSN: 1911-9917 |
| Publisher | JSTOR (PUBLISHER) |
| DOI | 10.2307/3549836 |
| OpenAlex | W2029739102 |
| Language | EN |
| References cited | 2 |
The problem faced by control authorities in making current extraction decisions from a non replenishable resource base is to include the effects that this current extraction will have on the welfare of future generations. Correct decision making in this intertemporal context requires authorities to estimate the dynamic shadow price of this unused resource stock. With some justifiable estimate of this concept, authorities can make decisions in regard to domestic use and export volumes by comparing the shadow price of the resource stock to its current domestic and world market price
Economic system · Economics · Environmental economics · Political science · Extraction and Separation Processes · Natural Resources and Economic Development
| Highly cited | No |
|---|