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- W626288777 abstract "The resource-extraction industry, as exemplified by mining or oil drilling on continental shelfs, is characterized by large-scale investments. The capital needed for the extraction, processing and transportation of natural resources must exceed certain critical minimum values. Very often, the capital must be raised on the capital market. Moreover, projects are often of such a size that common ventures between a number of large firms are called for. Long gestation periods are involved in opening up a new coal mine, in constructing a processing facility or in building a transportation system. These characteristics of the extraction industry contrast markedly with the intertemporal theory of resource extraction in which it is normally assumed that the resource-extraction firm can easily adjust the quantities it extracts over time1. This paper analyzes, the effect of fixed costs on the intertemporal supply of resources. Though Hotelling's rule that the shadow price of the resource increases with the discount rate still holds, the relevance of the Hotelling paradigm in this case is reduced. Fixed costs reduce the level of the shadow price and influence the intertemporal supply of the resource. In Section 1, the assumptions of the model are specified. The necessary conditions of an intertemporal profit maximum are discussed in Section 2. In Section 3, the effects of an increase in fixed costs upon the Hotelling rent and upon the supply behavior of the firm are analyzed. Some extensions of the analysis are outlined in Section 4." @default.
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- W626288777 date "1983-01-01" @default.
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- W626288777 title "Extraction, fixed costs and the hotelling rule" @default.
- W626288777 hasPublicationYear "1983" @default.
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