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- W3121257777 abstract "Aside from the equilibrium that Hotelling (1931) displayed, his model of non-renewable resources also contains a continuum of bubble equilibria. In all the equilibria the price of the resource rises at the rate of interest. In a bubble equilibrium, however, the consumption of the resource peters out, and a positive fraction of the original stock continues to be traded forever. And that may well be happening in the market for high-end Bordeaux wines." @default.
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- W3121257777 date "2007-08-24" @default.
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- W3121257777 title "Bubbles in Prices of Exhaustible Resources" @default.
- W3121257777 hasPublicationYear "2007" @default.
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