Pongkijvorasin, Sittidaj; Roumasset, James - Department of Economics, University of Hawaii-Manoa - 2007
The terms “royalty”, “marginal user cost”, and “scarcity rent” are often used interchangeably in resource economics, resulting in considerable confusion. We suggest distinct and meaningful definitions for the terms “royalty”, “marginal user cost”, and “scarcity rent” and...
