Record Details
 
  « New Search    
   
 
Bibliographic Data
Control Number310732
Date and Time of Latest Transaction20150706092859.AM
General Information150706s |||||||||b ||00|||
Cataloging SourceSTII-DOST
Local Call NumberScienceDirect
Main Entry - Personal NameMoreaux, Michel
 Gaudet, Gerard
 Withagen, Cees
Title StatementThe Alberta dilemma Optimal sharing of a water resource by an agricultural and an oil sector by Gerard Gaudet, Michel Moreaux and Cees Withagen
Physical Descriptionpages 548-566 computer file; text; 282kb
Summary, Etc.We fully characterize the optimal time paths of production and water usage by an agricultural and an oil sector that share a limited water resource. We show that for any given water stock, if the oil stock is sufficiently large, it will become optimal to have a phase during which the agricultural sector is inactive, followed by a phase during which both sectors are active again. The agricultural sector will always be active in the end as the oil stock is depleted. If agriculture is not constrained by the given natural inflow of water, then oil extraction will always end with a phase during which oil production follows a pure Hotelling path. Otherwise, oil production never follows a pure Hotelling path, because its full marginal cost must always reflect not only the imputed rent on the finite oil stock, but also the positive opportunity cost of water usage. The case of oil and agriculture sharing a water resource is but one example. Our analysis provides a framework to generalize the Hotelling rule to other cases where the full marginal opportunity cost of extracting a nonrenewable resource depends on the endogenous activity of some other sector of the economy
Subject Added Entry - Topical TermSocial sciences
 Hotelling rule
 Renewable resources
 Nonrenewable resources
LocationDOST STII ScienceDirect NONPRINTS NP 14-15263 1 14-15263 Online/Download 2010-11-18
  
     
 
Physical Location
Department of Science and Technology
Science and Technology Information InstituteScienceDirect
  
     
 
Digital Copy
Not Available
  
     
  |  Download MARC record Download MARC
 
         
         
Online Catalog
Basic Search
Advanced Search
Browse Subjects
Book Cart
 
         

Text Size:
S  -  M  -  L
Copyright © 2004-2025. Philippine eLib Project
Host: U.P. Diliman University Library