Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/299318 
Year of Publication: 
2023
Series/Report no.: 
Queen’s Economics Department Working Paper No. 1506
Publisher: 
Queen's University, Department of Economics, Kingston (Ontario)
Abstract: 
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 rent rising at the rate of interest in the dual program. A useful variant has the stock size endogenous.
Subjects: 
resource extraction
linear program
rent and interest rate
JEL: 
Q320
C61
D46
Document Type: 
Working Paper

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