Economics of Exhaustible Resources

Edited by Geoffrey Heal, Paul Garrett Professor of Public Policy and Corporate Responsibility, Graduate School of Business, Columbia University, US

’Heal’s collection demonstrates clearly that the study of exhaustible resources is a useful part of many fields of economics. . . . It would be a wise purchase for campuses where this field is studied. . .’

• CONTENTSPART 1THE THEORY OF OPTIMAL DEPLETION1. Robert M. Solow (1974), ‘The Economics of Resources or the Resources of Economics’2. Harold Hotelling (1931), ‘The Economics of Exhaustible Resources’3. Partha Dasgupta and Geoffrey Heal (1974), ‘The Optimal Depletion of Exhaustible Resources’4. Geoffrey Heal (1976), ‘The Relationship Between Price and Extraction Cost for a Resource with a Backstop Technology’5. Partha Dasgupta, Geoffrey Heal and Mukul Majumdar (1976), ‘Resource Depletion and Research and Development’6. Shmuel S. Oren and Stephen G. Powell (1985), ‘Optimal Supply of a Depletable Resource with a Backstop Technology: Heal’s Theorem Revisited’PART 2DYNAMIC MODELS OF RESOURCE MARKETS7. J. E.Stiglitz (1979), ‘A Neoclassical Analysis of the Economics of Natural Resources’8. Partha Dasgupta (1974), ‘Some Recent Theoretical Explorations in the Economics of Exhaustible Resources’9. Joseph E. Stiglitz (1976), ‘Monopoly and the Rate of Extraction of Exhaustible Resources’10. James L. Sweeney (1977), ‘Economics of Depletable Resources: Market Forces and Intertemporal Bias’11. Richard J. Gilbert (1978), ‘Dominant Firm Pricing Policy in a Market for an Exhaustible Resource’12. P. Dasgupta, G. M .Heal and J. E. Stiglitz (1980), ‘The Taxation of Exhaustible Resources’PART 3EMPIRICAL STUDIES AND SIMULATIONS13. William D. Nordhaus (1973), ‘The Allocation of Energy Resources’14. Robert S. Pindyck (1978), ‘Gains to Producers from the Cartelization of Exhaustible Resources’15. Geoffrey Heal and Michael Barrow (1980), ‘The Relationship Between Interest Rates and Metal Price Movements’16. Geoffrey Heal and Michael Barrow (1981), ‘Empirical Investigation of the Long-Term Movement of Resource Prices: A Preliminary Report’PART 417. G. Chichilnisky (1985), ‘International Trade in Resources: A General Equilibrium Analysis’18. Graciela Chichilnisky and Geoffrey Heal (1983), ‘Energy-Capital Substitution: A General Equilibrium Analysis’19. William D. Nordhaus (1980), ‘Oil and Economic Performance in Industrial Countries’20. John Llewelwyn (1983), ‘Resource Prices and Macroeconomic Policies: Lessons from Two Oil Price Shocks’PART 5ENVIRONMENT AND RESOURCES21. Jeffrey A .Krautkraemer (1985), ‘Optimal Growth, Resource Amenities and the Preservation of Natural Environments’22. G. M .Heal (1991), ‘Economy and Climate: A Preliminary Framework for Microeconomic Analysis’23. Michael J. Boskin and Richard J. Gilbert (1976), ‘The Economic Common Sense of Controlling Nuclear Power Development’PART 6GENERAL ISSUES24. R. Stephen Berry, Peter Salamon and Geoffrey Heal (1978), ‘On a Relation Between Economic and Thermodynamic Optima’25. H.E .Goeller (1979), ‘The Age of Substitutability: A Scientific Appraisal of Natural Resource Adequacy’26. Donald A. Brobst (1979), ‘Fundamental Concepts for the Analysis of Resource Availability’27. V. Kerry Smith (1980), ‘The Evaluation of Natural Resource Adequacy: Elusive Quest or Frontier of Economic Analysis?’