A New Theory to Forecast the Price of Nonrenewable Energy Resources with Mass and Energy-Capital Conservation Equations | Zendy

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A New Theory to Forecast the Price of Nonrenewable Energy Resources with Mass and Energy-Capital Conservation Equations

Author(s) -

Fabio Gori

Publication year - 2014

Publication title -

isrn mechanical engineering

Language(s) - English

Resource type - Journals

eISSN - 2090-5130

pISSN - 2090-5122

DOI - 10.1155/2014/529748

Subject(s) - non renewable resource , economics , energy conservation , capital (architecture) , conservation of mass , conservation of energy , natural resource economics , microeconomics , environmental economics , monetary economics , physics , thermodynamics , renewable energy , engineering , archaeology , history , electrical engineering

The mass and energy-capital conservation equations are employed to study the time evolution of mass and price of nonrenewable energy resources, extracted and sold to the market, in case of no-accumulation and no-depletion, that is, when the resources are extracted and sold to the market at the same mass flow rate. The Hotelling rule for nonrenewable resources, that is, an exponential increase of the price at the rate of the current interest multiplied the time, is shown to be a special case of the general energy-capital conservation equation when the mass flow rate of extracted resources is unity. The mass and energy-capital conservation equations are solved jointly to investigate the time evolution of the extracted resources.

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