Should we worry about the failure of the hotelling rule?

Journal of Economic Surveys

Volumn 22, Issue 4, 2008, Pages 774-793

  Kronenberg, Tobias ^a  

^a FORSCHUNGSZENTRUM JÜLICH   (Germany)

Author keywords

Climate change; Hotelling rule; Natural resources; Non renewable resources

Indexed keywords

ALTERNATIVE ENERGY; CLIMATE CHANGE; EMPIRICAL ANALYSIS; FOSSIL FUEL; NATURAL RESOURCE;

EID: 48949098220     PISSN: 09500804     EISSN: 14676419     Source Type: Journal    
DOI: 10.1111/j.1467-6419.2008.00549.x     Document Type: Article

References (36)

1. André, F.J. and Smulders, S. (2004) Energy use, endogenous technical change and economic growth. In EEARE 13th Annual Conference. Budapest.
2. Antony, J. (2007) Depletion of non-renewable resources and endogenous technical change. Universität Augsburg, Institut für Volkswirtschaftslehre, Volkswirtschaftliche Diskussionsreihe Beitrag 291.
3. Banks, F.E. (2004) Beautiful and not so beautiful minds: An introductory essay on economic theory and the supply of oil. OPEC Review 28: 27-62.
4. Campbell, C.J. and Laherrére, J. (1998) The end of cheap oil. Scientific American 78-83.
5. Cleveland, C.J. and Ruth, M. (1997) When, where, and by how much do biophysical limits constrain the economic process?A survey of Nicholas Georgescu-Roegen's contribution to ecological economics. Ecological Economics 22: 203-223.
6. Conrad, K. (2004) Network effects, compatibility and the environment: the case of hydrogen powered cars. University of Mannheim, Department of Economics Discussion Papers No. 613-04.
7. 2 panel EKC estimations. Environmental and Resource Economics 32: 229-239.
8. Farzin, Y.H. (1984) The effect of the discount rate on depletion of exhaustible resources. Journal of Political Economy 92: 841-851.
9. Gaudet, G. and Lassere, P. (1988) On comparing monopoly and competition in exhaustible resource exploitation. Journal of Environmental Economics and Management 15: 412-418.
10. Grimaud, A. and Rouge, L. (2005) Polluting non-renewable resources, innovation and growth: Welfare and economic policy. Resource and Energy Economics 27: 109-129.
11. Grossman, G.M. and Krueger, A.B. (1993) Environmental impacts of a North American free trade agreement. In P.M. Garber (ed.), The Mexico-U.S. Free Trade Agreement. Cambridge, MA, and London: MIT Press.
12. Grossman, G.M. and Krueger, A.B. (1995) Economic growth and the environment. Quarterly Journal of Economics 110: 353-377.
13. Hartwick, J.M. (1977) Intergenerational equity and the investing of rents from exhaustible resources. American Economic Review 67: 972-974.
14. Hotelling, H. (1931) The economics of exhaustible resources. Journal of Political Economy 39: 137-175.
15. Jones, C.I. (2002) Introduction to Economic Growth. New York: W. W. Norton.
16. Krautkraemer, J.A. (1998) Nonrenewable resource scarcity. Journal of Economic Literature 36: 2065-2107.
17. Kronenberg, T.H. (2004) The curse of natural resources in the transition economies. Economics of Transition 12: 399-426.
18. Kuuluvainen, J. and Tahvonen, O. (1995) The economics of natural resource utilization. In H. Folmer, H.L. Gabel and H. Opschoor (eds), Principles of Environmental and Resource Economics: A Guide for Students and Decision-Makers. Aldershot: Elgar.
19. Lassere, P. (1991) Long-Term Control of Exhaustible Resources. Chur, Switzerland: Harwood.
20. Mankiw, N.G., Romer, D. and Weil, D. (1992) A contribution to the empirics of economic growth. Quarterly Journal of Economics 107: 407-438.
21. Neumayer, E. (2000) Scarce or abundant? The economics of natural resource availability. Journal of Economic Surveys 14: 307-335.
22. Ocampo, J.A. and Parra, M.A. (2003) The terms of trade for commodities in the twentieth century. CEPAL Review 79: 7-35.
23. Perman, R., Ma, Y., McGilvray, J. and Common, M. (2003) Natural Resource and Environmental Economics. Harlow: Pearson.
24. Pindyck, R.S. (1978) The optimal exploration and production of nonrenewable resources. Journal of Political Economy 86: 841-861.
25. Rifkin, J. (2002) The Hydrogen Economy. Cambridge: Polity.
26. Schiozer, R.F., Costa Lima, G.A. and Suslick, S.B. (2006) The expectations of oil companies on future oil prices: An empirical analysis of reserves trading. Available at SSRN: http://ssrn.com/ abstract=942649 (accessed 17 June 2008).
27. Sinclair, P.J.N. (1994) On the optimum trend of fossil fuel taxation. Oxford Economic Papers 46: 869-877.
28. Slade, M.E. (1982) Trends in natural-resource commodity prices: An analysis of the time domain. Journal of Environmental Economics and Management 9: 122-137.
29. Smulders, S. (1995) Environmental policy and sustainable economic growth: An endogenous growth perspective. De Economist 143: 163-195.
30. Solow, R.M. (1974) Intergenerational equity and exhaustible resources. Review of Economic Studies Symposium on the Economics of Exhaustible Resources 41: 29-45.
31. Stern, D.I. and Cleveland, C.J. (2004) Energy and economic growth. Rensselaer Working Papers in Economics 0410.
32. Stiglitz, J.E. (1976) Monopoly and the rate of extraction of exhaustible resources. American Economic Review 66: 655-661.
33. Stiglitz, J.E. (1997) Economics. New York: W. W. Norton.
34. Van Zon, A. and Yetkiner, H.I. (2003) An endogenous growth model with embodied energy-saving technical change. Resource and Energy Economics 25: 81-103.
35. Weinstein, M.C. and Zeckhauser, R.J. (1975) The optimal consumption of depletable natural resources. Quarterly Journal of Economics 89: 371-392.
36. Withagen, C. (1998) Untested hypotheses in non-renewable resource economics. Environmental and Resource Economics 11: 623-634.