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Fundamental Economics of Depletable Energy Supply - page 3 / 30

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Contents

Introduction............................................................................................................................. 1

  • 1.

    Basic Hypotheses in the Economics of Depletable Energy Supply................................. 2

  • 2.

    The Simple ‘Cake-Eating’ Model of Resource Extraction.............................................. 3

  • 3.

    A More General Theory of Economically Efficient Depletable Resource Supply........ 7

    • 3.1

      Resource Extraction...................................................................................................... 7

    • 3.2

      Exploration and New Resource Development.............................................................. 9

    • 3.3

      Capacity Investment and Capacity Constraints .......................................................... 12

  • 4.

    Effects of Uncertainty....................................................................................................... 13

  • 5.

    Market Failures and Distortions ..................................................................................... 14

  • 6.

    Empirical Analysis of Depletable Energy Supply.......................................................... 15

    • 6.1

      The ‘Hotelling Valuation Principle’ for Assessing Resource Scarcity....................... 16

    • 6.2

      Data on Reserves......................................................................................................... 17

    • 6.3

      Models of Depletable Energy Supply Behavior ......................................................... 18

  • 7.

    Concluding Remarks ........................................................................................................ 20

References.............................................................................................................................. 25

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