Along dynamically efficient paths of exhaustible resources extraction Hotelling rent and economic depreciation (with a negative sign) of the stock are equal. We make use of this in analyzing current practices in national income accounting. We indicate that placing Hotelling rent on the income...

Hoover (1937) developed a model where he showed a profit-maximizing monopolist selling in a spatially-defined market would charge different mill prices to different spatially-defined consumers. In particular, the mill price to a consumer is a decreasing function of the distance that consumer is...

The static model of efficient resource allocation in an urban area developed by Mills, and by Hartwick and Hartwick, is recast as a dynamic model within the recursive decision framework of Day. In any period, resources are efficiently allocated to production on land not occupied by profitable...

We introduce a patent (prize) which induces entry at a level which satisfies the basic condition of optimality with respect to the "size" of the race (a second best patent). We observe in an example that the resulting equilibrium is very close to the first best optimal. The approach of the...

The current value Hamiltonian in an aggregate optimal growth problem with heterogeneous capital stocks including exhaustible, renewable and environmental stocks is the NNP function. Routine substitutions reveal that the using up of environmental capital (more pollution) is representable as an...

Koopmans and Beckmann indicated that the assignment of indivisible plants to sites for the case of non-zero interplant flows moving at positive transportation cost was not sustainable by a set of site rents or in general by a price system. This paper presents a counter example. The patterns of...

In a simple two factor, two good, two person general equilibrium model with pollution, we indicated a case in which the introduction of optimal Pigovian corrective taxes results in an equilibrium with a higher level of pollution. Our argument turns on our two persons earning incomes from...

The current value Hamiltonian in an aggregate optimal growth problem with heterogeneous capital stocks including exhaustible, renewable and environmental stocks is the NNP function. Routine substitutions reveal that the using up of natural resource stocks is representable as an easy-to-interpret...

We demonstrate the following result: if along dynamically efficient development paths, the net current value of the diminution in natural resources stocks, renewable and non-renewable, is invested in reproducible capital, per capita consumption will remain constant over time in a world of...

At each date, the two players play an R & D investment game "followed" by a Cournot quantity setting game. Each player's R & D augments the common stock of technical knowledge and lowers goods production costs for each player. Profit gross of R & D investment expenditures are quadratic in the...