Skip to main content
SpringerLink
Log in

Untested Hypotheses in Non-Renewable Resource Economics

  • Published:
Environmental and Resource Economics Aims and scope Submit manuscript

Abstract

The present paper reviews the literature on the empirical implications of the Hotelling rule and suggests directions for further research in this area.

This is a preview of subscription content, log in via an institution to check access.

Access this article

Log in via an institution

Price excludes VAT (USA)
Tax calculation will be finalised during checkout.

Instant access to the full article PDF.

Institutional subscriptions

Similar content being viewed by others

References

  • Adelman, M. (1990), ‘Mineral Depletion with Special Reference to Petroleum’, Review of Economics and Statistics 72, 1–10.

    Article  Google Scholar 

  • Agbeyegbe, T. (1989), ‘Interest Rates and Metal Price Movements: Further Evidence’, Journal of Environmental Economics and Management 16, 184–192.

    Article  Google Scholar 

  • Agbeyegbe, T. (1993), ‘The Stochastic Behavior of Mineral Commodity Prices’, in P. Phillips, ed., Modes, Methods, and Applications in Econometrics: Essays in Honor of A. Bergstrom. Oxford: Blackwell Science.

    Google Scholar 

  • Ahrens, W. and V. Sharma (1997), ‘Trends in Natural Resource Commodity Prices: Deterministic or Stochastic?’ Journal of Environmental Economics and Management 33, 59–74.

    Article  Google Scholar 

  • Barnett, H. and C. Morse (1963), Scarcity and Growth: the Economics of Natural Resource Availability. Baltimore: Johns Hopkins University Press.

    Google Scholar 

  • Berck, P. (1995), ‘Empirical Consequences of the Hotelling Principle’, in D. Bromley, ed., The Handbook of Environmental Economics. Oxford: Basil Blackwell, pp. 202–221.

    Google Scholar 

  • Berck, P. and M. Roberts (1996), ‘Natural Resource Prices: Will They Ever Turn Up?’ Journal of Environmental Economics and Management 31, 65–78.

    Article  Google Scholar 

  • Chermak, J. and R. Patrick (1995), ‘A Well-based Cost Function and the Economics of Exhaustible Resources: the Case of Natural Gas’, Journal of Environmental Economics and Mangement 28, 174–189.

    Article  Google Scholar 

  • Chermak, J. and R. Patrick (1997), ‘A Microeconometric Test of the Theory of Exhaustible Resources’, paper presented at the meeting of the European Association of Environmental and Resource Economists, Tilburg, 1997.

  • Cleveland, C. and D. Stern (1998), ‘Indicators of Natural Resource Scarcity: A Review and Synthesis’, in J. van den Bergh, ed., The Handbook of Environmental and Resource Economics. Cheltenham: Edward Elgar, forthcoming.

  • Eckbo, P. (1975), ‘OPEC and the Experience of Some Non-petroleum International Cartels’, MIT Energy Laboratory Report.

  • Epple, D. and J. Londregan (1993), ‘Strategies for Modelling Exhaustible Resource Supply’, in A. Kneese and J. Sweeney, eds., Handbook of Natural Resource and Energy Economics. Amsterdam: North-Holland, pp. 1077–1107.

    Google Scholar 

  • Farrow, S. (1985), ‘Testing the Efficiency of Extraction from a Stock Resource’, Journal of Political Economy 93, 452–487.

    Article  Google Scholar 

  • Farzin, H. (1992), ‘The Time-path of Scarcity Rent in the Theory of Exhaustible Resources’, The Economic Journal 102, 813–830.

    Article  Google Scholar 

  • Farzin, H. (1995), ‘Technological Change and the Dynamics of Resource Scarcity Measures’, Journal of Environmental Economics and Management 29, 105–120.

    Article  Google Scholar 

  • Fisher, F. (1964), Supply and Costs in the U. S. Petroleum Industry: Two Econometric Studies. Baltimore: Johns Hopkins University Press.

    Google Scholar 

  • Griffin, J. (1985), ‘OPEC Behavior: A Test of Alternative Hypotheses’, American Economic Review 75, 954–963.

    Google Scholar 

  • Groot, F., C. Withagen and A. de Zeeuw (1992), ‘Note on the Open-loop von Stackelberg Equilibrium in the Cartel-versus-Fringe Model’, The Economic Journal 102, 1478–1484.

    Article  Google Scholar 

  • Groot, F., C. Withagen and A. de Zeeuw (1997): ‘Strong Dynamic Consistency in the Cartel-versus-Fringe Model’. Tinbergen Discussion Paper.

  • Hall, D. and J. Hall (1984), ‘Concepts and Measures of Natural Resource Scarcity’, Journal of Environmental Economics and Management 11, 363–379.

    Article  Google Scholar 

  • Halvorsen, R. and T. Smith (1984), ‘On Measuring Natural Resource Scarcity’, Journal of Political Economy 92, 954–964.

    Article  Google Scholar 

  • Halvorsen, R. and T. Smith (1991), ‘A Test on the Theory of Exhaustible Resources’, The Quarterly Journal of Economics 56, 123–140.

    Article  Google Scholar 

  • Hanley, N., J. Shogren and B. White (1997), Environmental Economics in Theory and Practice. London: MacMillan.

    Google Scholar 

  • Heal, G. and M. Barrow (1980), ‘The Relationship between Interest Rates and Metal Price Movements’, Review of Economic Studies 47, 161–181.

    Article  Google Scholar 

  • Karp, L. and O. Tahvonen (1996), ‘International Trade in Exhaustible Resources: A Cartel-Competitive Fringe Model’, Working paper no. 753, University of California.

  • Lasserre, P and P. Ouellete (1991), ‘The Measurement of Productivity and Scarcity Rents: The Case of Asbestos in Canada’, Journal of Econometrics 48, 287–312.

    Article  Google Scholar 

  • Livernois, J. (1987), ‘Empirical Evidence on the Characteristics of Extractive Technologies: The Case of Oil’, Journal of Environmental Economics and Management 14, 72–86.

    Article  Google Scholar 

  • Livernois, J. and R. Uhler (1987), ‘Extraction Costs and the Economics of Nonrenewable Resources’, Journal of Political Economy 95, 195–203.

    Article  Google Scholar 

  • Long, N. (1977), ‘Optimal Exploitation and Replenishment of a Natural Resource’, in J. Pitchford and S. Turnovsky, eds., Applications of Control Theory to Economic Analysis. Amsterdam: North-Holland, pp. 81–107.

    Google Scholar 

  • Miller, M. and C. Upton (1985), ‘A Test of the Hotelling Valuation Principle’, Journal of Political Economy 93, 1–25.

    Article  Google Scholar 

  • Newbery, D. (1981), ‘Oil Prices, Cartels and the Problem of Dynamic Inconsistency’, The Economic Journal 91, 617–646.

    Article  Google Scholar 

  • Norgaard, R. (1990), ‘Economic Indicators of Resource Scarcity: A Critical Essay’, Journal of Environmental Economics and Management 19, 19–25.

    Article  Google Scholar 

  • Pesaran, M. (1990), ‘An Econometric Analysis of Exploration and Extraction of Oil in the U. K. Continental Shelf’, The Economic Journal 100, 367–390.

    Article  Google Scholar 

  • Pindyck, R. (1978), ‘Gains to Producers from Cartelization of Exhaustible Resources’, Review of Economics and Statistics 60, 238–251.

    Article  Google Scholar 

  • Pindyck, R. (1982), ‘OPEC Oil Pricing and the Implications for Consumers and Producers’, in J. Griffin and D. Teece, eds., OPEC Behavior and World Oil Prices. London: Allen & Unwin, pp. 175–184.

    Google Scholar 

  • Polasky, S. (1992), ‘Do Oil Producers Act as “Oil” igopolosts?’ Journal of Environmental Economics and Management 23, 216–247.

    Article  Google Scholar 

  • Salant, S. (1976), ‘Exhaustible Resources and Industrial Structure: A Nash-Cournot Approach to the World Oil Market’, Journal of Political Economy 84, 1079–1094.

    Article  Google Scholar 

  • Slade, M. (1982), ‘Trends in Natural-Resource Commodity Prices: An Analysis in the Time Domain’, Journal of Environmental Economics and Management 9, 122–137.

    Article  Google Scholar 

  • Slade, M. (1988), ‘Grade Selection under Uncertainty: Least Cost Last and Other Anomalies’, Journal of Environmental Economics and Management 15, 122–137.

    Article  Google Scholar 

  • Slade, M. (1991), ‘Market Structure, Marketing Method, and Price Instability’, Quarterly Journal of Economics 106, 1309–1340.

    Article  Google Scholar 

  • Slade, M. and H. Thille (1997), ‘Hotelling Confronts CAPM: A Test of the Theory of Exhaustible Resources’, Canadian Journal of Economics 30, 685–708.

    Article  Google Scholar 

  • Smith, V. (1979), ‘Natural Resource Scarcity: A Statistical Analysis’, Review of Economics and Statistics 61, 423–427.

    Article  Google Scholar 

  • Stewart, J. (1991), Econometrics. New York: Philip Allan.

    Google Scholar 

  • Stollery, K. (1983), ‘Mineral Depletion with Cost as the Extraction Limit: A Model Applied to the Behavior of Prices in the Nickel Industry’, Journal of Environmental Economics and Management 10, 151–165.

    Article  Google Scholar 

  • Teece, D., D. Sunding and E. Mosakowski (1993), ‘Natural Resource Cartels’, in A. Kneese and J. Sweeney, eds., Handbook of Natural Resource and Energy Economics. Amsterdam: North-Holland, pp. 1131–1166.

    Google Scholar 

  • Toman, M. and M. Walls (1995), ‘Nonrenewable Resource Supply: Theory and Practice’, in D. Bromley, ed., The Handbook of Environmental Economics. Oxford: Basil Blackwell, pp. 182–201.

    Google Scholar 

  • Ulph, A. and G. Folie (1980), ‘Exhaustible Resources and Cartels: An Intertemporal Nash Model’, Canadian Journal of Economics 13, 645–658.

    Article  Google Scholar 

  • Withagen, C. and A. de Zeeuw (1998), ‘Imperfect Competition in Natural Resource Markets’, in J. van den Bergh, ed., The Handbook of Environmental and Resource Economics. Cheltenham: Edward Elgar, forthcoming.

    Google Scholar 

Download references

Author information

Authors and Affiliations

  1. Department of Economics and Tinbergen Institute, Free University Amsterdam, De Boelelaan 1105, 1081 HV, Amsterdam, The Netherlands;

    Cees Withagen

  2. Department of Economics and CentER, Tilburg University, 5000 LE Tilburg, The Netherlands

    Cees Withagen

Authors
  1. Cees Withagen
    View author publications

    You can also search for this author in PubMed Google Scholar

Rights and permissions

Reprints and permissions

About this article

Cite this article

Withagen, C. Untested Hypotheses in Non-Renewable Resource Economics. Environ Resource Econ 11, 623–634 (1998). https://doi.org/10.1023/A:1008204107510

Download citation

  • Issue Date:

  • DOI: https://doi.org/10.1023/A:1008204107510

Search

Navigation