Open AccessPRODUCTION COST UNCERTAINTY AND INDUSTRY EQUILIBRIUM FOR NON‐RENEWABLE RESOURCE EXTRACTION
Author(s) -
Yeung David,
Hartwick John
Publication year - 1989
Publication title -
natural resource modeling
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.28
H-Index - 32
eISSN - 1939-7445
pISSN - 0890-8575
DOI - 10.1111/j.1939-7445.1989.tb00122.x
Subject(s) - renewable resource , production (economics) , economics , resource (disambiguation) , non renewable resource , renewable energy , microeconomics , general equilibrium theory , industrial organization , natural resource economics , environmental economics , computer science , ecology , computer network , biology
In this paper we examine production cost uncertainty in a non‐renewable resource industry model. A rational expectations, m ‐firms industry equilibrium is characterized, and the effects of production cost uncertainty on industry rent and firms' profits are examined.