BUBBLES IN PRICES OF EXHAUSTIBLE RESOURCES
| dc.creator | Jovanovic, Boyan | |
| dc.date | 2017-04-01T20:02:43Z | |
| dc.date.accessioned | 2026-07-09T04:38:07Z | |
| dc.description | 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. | |
| dc.identifier | doi:10.22004/ag.econ.45830 | |
| dc.identifier | https://ageconsearch.umn.edu/record/45830/files/AAWE_WP32.pdf | |
| dc.identifier | http://ageconsearch.umn.edu/record/45830 | |
| dc.identifier.uri | http://hdl.handle.net/123456789/552777 | |
| dc.language | eng | |
| dc.publisher | ||
| dc.source | http://ageconsearch.umn.edu/record/45830 | |
| dc.title | BUBBLES IN PRICES OF EXHAUSTIBLE RESOURCES | |
| dc.type | Text |