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- W2020077856 abstract "This paper examines traditional approaches to modeling production processes in resource industries and finds that they are often incomplete with respect to desired properties and restrictions. A new notion of equilibrium production functions is introduced in which explicit account is taken of the recognised interdependence of firms involved in extraction. The results are quite encouraging. In particular, the resultant model of production has the ex ante desired technical, externality, mass balance, aggregation, and heterogeneity properties. As well, it provides useful insights for empirical research. Finally, this new approach with its explicit recognition of the interdependence of firms has the potential for providing new directions into the analysis of industry equilibrium and regulation of resource industries." @default.
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- W2020077856 date "1989-09-01" @default.
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- W2020077856 title "Contemporaneous externalities, rational expectations, and equilibrium production functions in natural resource models" @default.
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- W2020077856 doi "https://doi.org/10.1016/0095-0696(89)90029-6" @default.
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