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Item Description Peterson, Richard E. en_US 2012-04-10T18:07:04Z 2012-04-10T18:07:04Z 1975-03 en_US
dc.identifier.citation Peterson RE. 1975. Economic Factors in the Optimal Depletion of Resources. Honolulu (HI): Hawaii Geothermal Project, University of Hawaii. en_US
dc.description Has 19 leaves. Bibliography: leaves 18-19. en_US
dc.description.abstract Both replenishable and nonreplenishable resources are exhaustible and even finite nonreplaceable resources can have infinite economic lives. The concept of ecological equilibrium) in which total recruitment of new mass is equal to the harvest rate) is relevant to both types of resources. The rate of use of existing stock is the intensive margin and investment in renewal through exploration and development represents the extensive margin. Both the rate and level of recovery are influenced by the economic motivation of the resource owner to maximize the present value of the resource. Unlike other branches of economics in which current production is pushed to the point where marginal profits are zero) it is shown that the profit-maximizing resource owner will postpone the current production of an additional unit if the present value of the profit which that unit could earn at some future date is larger than the marginal profit which can be earned today. en_US
dc.format.extent 21 pages en_US
dc.language.iso en-US en_US
dc.publisher Hawaii Geothermal Project, University of Hawaii en_US
dc.subject power production en_US
dc.subject well flow en_US
dc.subject economics en_US
dc.subject HGP-A en_US
dc.subject.lcsh Diminishing returns en_US
dc.subject.lcsh Natural resources en_US
dc.subject.lcsh Economics en_US
dc.title Economic factors in the optimal depletion of resources en_US
dc.type Report en_US
dc.type.dcmi Text en_US

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