Handbook of Natural Resource and Energy Economics

Front Cover......Page 1
HANDBOOK OF NATURAL RESOURCE AND ENERGY ECONOMICS......Page 4
Copyright Page......Page 5
Introduction to the Series......Page 6
Contents of the Handbook......Page 8
Preface to the Handbook......Page 12
Contents of Volume III......Page 22
PART 1: SOME BASIC CONCEPTS......Page 30
1. Background......Page 32
2. Extraction with prices determined exogenously......Page 39
3. Extraction with prices determined endogenously......Page 89
4. In conclusion......Page 119
5. Appendix: proofs......Page 120
References......Page 123
1. Introduction......Page 128
2. Characterizing optimal depletion......Page 131
3. Perspectives on discounting......Page 141
4. Existence of optimal policies......Page 143
5. Discounting utility versus discounting consumption......Page 146
6. Geometric explanation of the role of discounting......Page 149
References......Page 151
1. Introduction......Page 154
2. A framework......Page 156
3. Strategic buyers, competitive sellers......Page 165
4. Strategic sellers, competitive buyers......Page 181
5. The period of commitment......Page 195
6. Conclusions......Page 199
References......Page 201
PART 2: ANALYTICAL TOOLS......Page 206
1. Introduction......Page 208
2. Theoretical background......Page 212
3. Types of econometric demand models......Page 223
4. Issues treated by demand models......Page 229
5. Demand by hedgers and speculators......Page 256
6. Concluding remarks......Page 269
References......Page 273
1. Introduction......Page 284
2. Motivations for appraisal of mineral resources......Page 285
3. Notions of supply......Page 286
4. Stock concepts and measures......Page 289
5. Perspective on resource information......Page 292
6. Geology of mineral occurrence......Page 298
7. A generalized model of resource by deposit type – A conceptual reference......Page 309
8. Deposit models......Page 313
9. Cost models......Page 319
10. Exploration models......Page 325
11. Geologic endowment models......Page 335
12. Concluding remarks......Page 343
References......Page 345
1. Introduction......Page 350
2. Cost functions for exhaustible resources......Page 351
3. Cost functions for non-renewable resources: specification issues......Page 353
4. Equilibrium models......Page 359
5. Econometric models......Page 371
References......Page 376
PART 3: APPLICATIONS TO POLICY AND FORECASTING ISSUES......Page 382
1. Introduction......Page 384
2. History......Page 385
3. Resource substitution as the key process......Page 387
4. Analysis of resource prices......Page 390
5. Royalties as a measure of resource scarcity......Page 394
6. Transition from exhaustible to durable resource base......Page 395
7. Prospects for transition to the age of substitutability......Page 397
References......Page 402
1. Introduction......Page 404
2. The cartel problem......Page 406
3. The durability of cartels......Page 411
4. Welfare implications of cartels......Page 415
5. A synopsis of some natural resource cartels......Page 418
References......Page 437
1. Introduction......Page 440
2. Recent experience with oil shocks......Page 444
3. Oil market behavior......Page 449
4. Possible energy security externalities......Page 458
5. Policy issues......Page 474
6. Concluding remarks......Page 485
References......Page 487
1. Introduction......Page 492
2. Resource-environmental interactions......Page 493
3. Static resource-environmental interactions......Page 500
4. Intertemporal resource-environmental interactions......Page 513
5. Conclusions......Page 531
References......Page 532
1. Introduction......Page 540
2. An overview of the model......Page 552
3. The impact of environmental regulation......Page 573
4. The impact of higher energy prices......Page 587
5. The impact of carbon taxes......Page 599
6. Conclusion......Page 613
References......Page 615
Subject index......Page 624
Handbooks in Economics......Page 632