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We develop equilibrium models of an exhaustible resource market where both prices and extraction choices are determined endogenously. Our analysis highlights a

Most of resource extraction and pricing models assume that risks are known with certain. However, empirical studies show that implausible high degree of risk di

We develop a general equilibrium model of an exhaustible resource market where both the prices and extraction choices are determined endogenously. The model gen

This study is concerned with the economic theory of exhaustible resources. My interest in exhaustible resources dates back several years when prof. dr. J. Crame