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8 Cards in this Set
- Front
- Back
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Non-Renewable Resources |
Resource of economic value that cannot be readily replaced by natural means on a level equal to its consumption |
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Renewable |
Stock that can grow over time/harvest |
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Marginal User Opportunity Cost to Extract (MUC) |
MUC = P(Extraction)- MEC |
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Optimal Management of Non-Renewable Resources |
Tradeoff associated with non-renewable extraction |
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Harold Hotelling Model |
P0 - C = (P1 - C)/(1+i)^t |
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P(Extraction) |
Pt - Ct = (P0 - C0) e^it |
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S |
Fixed Stock |
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Choke Price |
Price of an available substitute to a non-renewable resource |
