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Handbook of Natural Resource and Energy Economics by A.V. Kneese, J. Sweeney

By A.V. Kneese, J. Sweeney

The "Handbook of average source and effort Economics" examines the present concept and pattern present program tools for average source and effort economics. This 3rd quantity offers basically with non-renewable assets. It analyzes the economics of power and minerals, and contains chapters at the economics of environmental coverage. The guide offers a resource, reference and educating complement to be used by means of expert researchers and complex graduate scholars. The surveys summarize not just obtained effects but in addition more moderen advancements from contemporary magazine articles and dialogue papers.

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The decline in the opportunity cost would be smaller than the tax because A' could not become negative. If the tax rate were larger than the pre-tax opportunity cost, then extraction would decline for each time and the resource would not be fully extracted within the time horizon. A similar analysis for more rapidly growing taxes shows that the opportunity cost would decline as a result of the tax and would decline by more than the tax in earlier years. Because the tax would grow faster than the current value opportunity cost (more precisely, than the difference between the pre-tax and post-tax current value opportunity cost), in later years the relative magnitudes would be reversed.

Oil and natural gas are derived from the transformation of organic material underground. This process continues today, so that strictly, the stock of oil in some locations is increasing, although at an infinitesimally small rate. Leakage from a deposit may involve migration to another deposit, which then may be increasing over time. If we were to harvest a virgin forest but then allowed the land to remain undisturbed for 10000 years, the forest would revert to a virgin state. We can reinject natural gas back into a well and thereby increase stock of natural gas in that deposit.

Then eq. (19) reduces to Equation (21) defines an optimal extraction rate that is zero if price is smaller than or equal to the marginal cost plus opportunity cost, and is indeterminate for price equal to the fixed marginal cost plus opportunity cost. Price never exceeds marginal cost plus opportunity cost. This relationship is diagrammed in Figure 3. Present-value opportunity cost, A, is determined using eq. (16), which implies that price can never exceed c, + Xe". If price ever were to exceed c, + Xe'", extraction would be infinite at that time and S T would become minus infinity, a violation of eq.

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