T HE OPENING SENTENCES of Hotelling's seminal article on the econom-ics of
nonrenewable resource extraction highlight the recurring theme of the possible …

Natural resource stocks held in situ are physical assets. Equilibrium in the assets market
requires that their rates of return be such that their owners are just willing to hold on to them …

Abstract The Hotelling Rule—that price net of marginal cost must rise at the rate of interest in
nonrenewable resource markets—forms the theoretical core of the economics of …

Any global temperature target must be translated into an intertemporal carbon budget and its
associated cost-efficient carbon price schedule. Under the Hotelling's rule, the growth rate of …

A model of pricing of natural-resource commodities that integrates financial and product
markets is derived and tested. The model unifies two strands of the economic and financial …

One of the most important developments in international finance and resource economics in
the past twenty years is the rapid and widespread emergence of the $6 trillion sovereign …

The paper tests Hotelling's prediction that scarcity rent for a non‐renewable resource will
rise at the rate of discount in a market equilibrium. We perform the test using data for old …

In a model of a competitive spot market for an exhaustible resource under demand
uncertainty, it is shown that the lognormal diffusion (the geometrical Brownian motion) can …

In this short paper, uncertainties on resource stock and on technical progress are introduced
into an intertemporal equilibrium model of optimal extraction of a non-renewable resource …

The Hotelling model of the optimal depletion of an exhaustible resource specifies that in a
world without risk, equilibrium rates of return on nonrenewable resource assets and on …