Whither Hotelling: Tests of the Theory of Exhaustible Resources
Posted: 4 Jun 2010
There are 2 versions of this paper
Whither Hotelling: Tests of the Theory of Exhaustible Resources
Annual Review of Resource Economics, Vol. 1, No. 1, pp. 239-260, 2009
Posted: 04 Jun 2010
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Whither Hotelling: Tests of the Theory of Exhaustible Resources
Annual Review of Resource Economics, Vol. 1, Issue 1, pp. 239-260, 2009
Posted: 16 Sep 2011
Abstract
We review the empirical literature that extends and tests the Hotelling model of the optimal depletion of an exhaustible resource. The theory is briefly described to set the stage for the review of empirical tests and applications. Those tests can be roughly divided into two broad categories — descriptive and structural — and we discuss the strengths and weaknesses of each before presenting the empirical studies of optimal extraction under conditions of exhaustibility. We also discuss some econometric pitfalls that applied researchers face when attempting to test the model.
Suggested Citation: Suggested Citation
Slade, Margaret E. and Thille, Henry, Whither Hotelling: Tests of the Theory of Exhaustible Resources. Annual Review of Resource Economics, Vol. 1, No. 1, pp. 239-260, 2009, Available at SSRN: https://ssrn.com/abstract=1602740 or http://dx.doi.org/10.1146/annurev.resource.050708.144223
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