The present work investigates the links between Ricardian and Sraffian economic analyses and the emerging themes of ecological macroeconomics, namely the impact of global warming and ecological or natural crises, the depletion of non-produced material resources, and the energy transition. The...

Mineral and material commodities are essential inputs to economic production, but there have been periodical concerns about mineral scarcity. However, there has been no systematic recent study that has determined whether mineral commodities have become scarcer over the longer run. Here we...

Most individuals at one time or another purchase and trade in an automobile. The automobile dealer and the buyer typically discuss what the trade-in value of the old car is. Also, they may talk about what the trade-in value of the new car will be in several years. In both cases a decline in...

We translate Hotelling's continuous-time, exhaustible resource extraction Model of 1931 into a linear program of present value extraction cost minimization subject to a stock endowment and period by period demand constraints. The appropriate form of the demand constraints allows for resource...

Every government that controls an exhaustible resource must decide whether to exploit it or to conserve and thereby let the subsequent government decide whether to exploit or conserve. This paper develops a theory of this situation and shows when a small probability that some future government...

Free trade often leads to resource depletion, such as deforestation in the tropics. This paper first presents a dynamic model whereby the South (S) depletes to export the extracted units (lumber) or the produce (beef) from land available after depletion. Because of the damages, the North...

Existing models of open-access resources are applicable to non-storable resources, such as fish. Many open-access resources, however, are used to produce storable goods. Elephants, rhinos, and tigers are three prominent examples. Anticipated future scarcity of these resources will increase...

Fishery managers face an ongoing challenge in managing commercial fisheries in a way which enables the short-term delivery of economic benefits to commercial fishers while also ensuring those benefits do not compromise the ability of fish stocks to deliver benefits into the future. This...

Inspired by empirical evidence from the oil market, we build a model of an oligopoly facing a fringe as well as competition from renewable resources. We explore different subclasses of HARA utility functions (Cobb-Douglas, power and quadratic utility) to check the robustness of results found in...

Environmental sustainability and climatic change mitigation seem central in the fight against global warming and continuous human sustenance in the 21st century. However, non-renewable and renewable consumption energies lie at the core of these pollution concerns, particularly among the G20...

The "resource curse" is a potential threat to all countries relying on export income from abundant natural resources such as fossil fuels. The early literature hypothesized that easily accessible natural resources would lead to lack of technological progress. In this article we instead propose...

Sustainable Development implies slowing the rate of utilization and eventual depletion of non-renewable resources such as oil and metals. Non-renewable resources are now commonly traded, often as derivatives, through electronic trading exchanges and studies the impact of that trading on...

This paper offers an approach to construct a family of extraction paths for nonrenewables that guarantee long-run sustainability of an imperfect economy. A path from this family leads to a monotonic growth of output with a decreasing rate of growth if a sustainability condition holds. Otherwise,...

Aim: In the context of renewable and non-renewable energy, this paper aims to explore a range of renewable energy resources in Tanzania that are primarily expected to play a leading role in the supply of energy services in the country. Tanzania, like other countries in the world is striving to...

Carbon capture and storage (CCS) seems an appealing option to meet the ambitious objectives of the Paris Agreement. Captured CO2 emissions can also be injected in active fields to enhance recovery: Carbon capture and utilization (CCU). We study a dynamic model of CCS and CCU of an economy...

We address the long-standing challenge of adding optimal exploration to the classic Hotelling model of a non-renewable resource. We completely solve such a model, using impulse control. The model, extending Arrow and Chang (1982), has two state variables: "proven" reserves and a finite...

We consider a game between oligopolistic and fringe suppliers of fossil fuel from an exhaustible resource, and of producers of a renewable perfect substitute. Extraction costs are stock-dependent and strictly convex in the rate of extraction. We characterize the open-loop equilibrium...

Open access, competitive exploitation can be incredibly damaging to valuable resources and the human populations that depend upon them. Even though wealth, resource rents and stocks are at stake, open access often seems to be ineffectively addressed across time and space. Institutions vary....

In this paper we examine temporal properties of eleven natural resource real price series from 1870-1990 by employing a Lagrangian Multiplier unit root test that allows for two endogenously determined structural breaks with and without a quadratic trend. Contrary to previous research, we find...

This paper analyzes the effect of taxation on the intertemporal allocation of an exhaustible resource. A general framework within which a large variety of taxes can be analyzed is developed and then applied to a number of specific taxes. It is shown that there exists a pattern of taxation which...