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With timing options and heterogeneous cost, the lognormal diffusion is hardly an equilibrium price process for exhaustible resources
Lund, Diderik, (1992)
Social welfare in a common property oligopoly
Karp, Larry S., (1992)
Equilibrio competitivo y explotación socialmente óptima de un recurso agotable con costes decrecientes
Rubio, Santiago J., (1991)
Resource depletion, national income accounting, and the value of optimal dynamic programs
Lozada, Gabriel A., (1995)
Georgescu-Roegen's defense of classical thermodynamics revisited
Existence of equilibria in exhaustible resource industries : nonconvexities and discrete vs. continuous time
Lozada, Gabriel A., (1996)