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Articles 1 - 5 of 5
Full-Text Articles in Social and Behavioral Sciences
On Equilibrium In Resource Markets With Scale Economies And Stochastic Prices, Charles Mason
On Equilibrium In Resource Markets With Scale Economies And Stochastic Prices, Charles Mason
Charles F Mason
In this paper, I show the existence and the characteristics of equilibrium in a non-renewable resource market where extraction costs are non-convex and market price is subject to stochastic shocks, an empirically relevant setting. In my model firms may be motivated to hold inventories to facilitate production smoothing, which allows them to continue producing at a smooth pace at any instant when extraction ceases, e.g. when reserves are exhausted. This aspect of the model then supports a competitive equilibrium in the presence of non-convex costs. Casual empirical evidence is provided that supports the central features of my model for a …
Property Rights And Taxation In The Australian Minerals Sector, Ted C. Bergstrom
Property Rights And Taxation In The Australian Minerals Sector, Ted C. Bergstrom
Ted C Bergstrom
Mineral deposits in Australia are generally owned by states. Exploration licenses and mining leases are granted to private firms. They are not sold to the highest bidder but are awarded according to a system of "work program bidding". Such bids entail a promise to undertake a certain amount of exploration expenditure within a specified time interval. Typically a firm that finds a commercially viable mineral deposit is given preference in obtaining a lease to exploit this deposit, but the lease is subject to the conditio that the firm spend at least some specified minimum on developing the lease within a …
Efficiency-Inducing Taxation For A Monopolistically Supplied Depletable Resource, Ted Bergstrom, John Cross, Dick Porter
Efficiency-Inducing Taxation For A Monopolistically Supplied Depletable Resource, Ted Bergstrom, John Cross, Dick Porter
Ted C Bergstrom
We show that for a depletable resource, if the competitive time path of prices is known, and if the profit function is concave, then there is an easily described time path of taxes and/or subsidies that would induce a monopolist to follow an efficient time path of extraction.
Regulation Of Externalities, Ted C. Bergstrom
Regulation Of Externalities, Ted C. Bergstrom
Ted C Bergstrom
This paper presents a general equilibrium model with marketable pollution permits. It shows that competitive equilibrium with marketable permits is "conditionally optimal" in the sense that no Pareto improvement can be achieved without changing pollution standards. The paper also explores mechanisms for choosing efficient aggregate pollution levels.
The Use Of Markets To Control Pollution, Ted C. Bergstrom
The Use Of Markets To Control Pollution, Ted C. Bergstrom
Ted C Bergstrom
No abstract provided.