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- Optimal Depletion of Non-Renewable Resources: Theories and Models
For the owner to be indifferent between these two choices — the condition required for an efficient competitive market — the net price of the resource must rise over time at exactly the rate of interest This principle is known as Hotelling’s Rule
- Hotellings Theory - Overview, How It Works, and Assumptions
The difference between the marginal extraction costs of non-renewable natural resources and their market price is termed Hotelling Rent or Scarcity Rent This maximum rent can be easily obtained by emptying the stock market resources
- Resource Rents: Scarcity Rent and Ricardian Rent in Economics
For non-renewable resources like minerals, oil, and coal, these “rents” are the main incentive for extraction, and they arise directly from the fact that these resources are limited Let’s unpack the two primary types of this special profit: Differential Rent and Scarcity Rent
- On the Economics of Non-Renewable Resources - EOLSS
Whatever the reason, so long as the marginal extraction cost is not determined directly by the cumulative amount of the resource extracted, the result would be that net price, i e , price minus the marginal extraction cost, or scarcity rent, would rise exponentially at r per cent per year
- Economics of Non-renewable resources - B. P. Chaliha College
The optimal price of the resource will now be given by the sum of the marginal extraction cost of the resource and the marginal user cost (also referred to as royalty or the resource rent which is the appreciation in the value of the resource that has not been extracted)
- Optimal Allocation of Non-renewable Resources: Intergenerational Equity . . .
Hotelling’s rule states that the net price of a non-renewable resource should rise at a rate equal to the prevailing interest rate in an efficient market equilibrium The “net price” here means the market price minus the marginal cost of extraction – essentially, the resource rent or scarcity rent The logic is straightforward
- The Economics of Exhaustible Resources | Springer Nature Link
At the margin, the resource rent, defined as the resource price less the marginal extraction cost, should be equal to the marginal value of conserving a resource for the future, which represents the opportunity cost of resource extraction
- Natural Resource Economics, Non-Renewable: Part 2 - Quizlet
The net price (also called the scarcity rent or royalty) is the gross market price minus marginal extraction cost It represents the shadow value of leaving one unit of the resource unextracted for future use
- The Time Path of Scarcity Rent in the Theory of Exhaustible Resources
In addition to synthesising the literature results on the dynamics of resource scarcity, the hypothesis of non-monotonic scarcity rent can provide a partial explanation for the commonly observed oscillatory behaviour of resource rents over long periods of time
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