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PRODUCTION COST UNCERTAINTY AND INDUSTRY EQUILIBRIUM FOR NON-RENEWABLE RESOURCE EXTRACTION |
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| Authors: | David Yeung John Hartwick |
| Abstract: | 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. |
| Keywords: | cost uncertainty exhaustible resources industry equilibrium |