By Cees Withagen
This learn is worried with the industrial idea of exhaustible assets. My curiosity in exhaustible assets dates again numerous years while prof. dr. J. Cramer and prof. dr. C. von Weizsacker stimu lated me to direct my learn, on the college of Actuarial technological know-how and Econometrics of the collage of Amsterdam, to the exploitation of Dutch normal fuel. This factor raised many theoretical difficulties, during which I received progressively progressively more concerned. i used to be fortunate to discover in prof. dr. H. Weddepohl anyone ready to pay attention patiently and to learn and critisize my various makes an attempt to resolve those difficulties. the particular paintings at the current monograph began in 1982 on the college of Philosophy and Social Sciences of the Eindhoven collage of expertise, within the context of this system "Equilibrium and Dis equilibrium" of the "voorwaardelijke financiering" (universitary financing system). I desire to thank right here my supervisors prof. dr. P. Ruys and prof. dr. H. Weddepohl for his or her reviews on previous drafts of this monograph. while in retrospect, I notice that their comments and our dis cussions have ended in amazing advancements. additionally the Internation~l Institute for utilized platforms research (Laxenburg, Austria) has made a worthy contribution through supplying me the chance to spend 3 months in its serene educational atmosphere in the summertime of 1983. thank you additionally to the strength staff of I. I. A. S. A. and the I. I. A. S. A. beginning Netherlands.
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Extra resources for Economic Theory and International Trade in Natural Exhaustible Resources
These observations are due to Aarrestad. Unfortunately they are illustrated by means of models that are not analysed in full detail and are subject to some criticism. with regard to the balance of payment condi- tions one could ask whether it is relevant to restrict the speed of borrowing rather than the amount of borrowing. Therefore one is in need of a further development of the theory into these directions. In the first class of models it is generally assumed that world market prices are constant or grow exponentially.
It should be remarked that the discussion of the papers just mentioned does not cover the entire literature on imperfect competition inexhaustible resources. However, in our opinion the most relevant issues are being dealt with in this survey. 2. 58) W Y+r(W-K) +Pe(E)(E-R) ~ -c. 58) should be familiar to the reader by now. 16) if there we take pg = O. In the model at hand there is only one non-resource commodity, which serves as the numeraire. Hence its price is constant. 59) describes the motion of the economy's wealth.
3. we introduce markets for capital stocks and resource reserves while maintaining the assumption that the world market for bonds is not in existence. 4. is devoted, the 50 latter assumption is dropped. In the sequel optimal programs for the economy will be characterized. 5 these programs of the different models will be compared. There also the conclusions of this chapter are presented. 2. 1. The model and preliminary results In the model presented in this section there is no world market for bonds nor markets for capital and resource stocks.