THE 2012 LAWRENCE R. KLEIN LECTURE: BUBBLES IN PRICES OF EXHAUSTIBLE RESOURCES*
提出一种检验可耗竭资源价格是否存在泡沫的方法，发现石油和高端波尔多葡萄酒市场存在泡沫，但其他解释也可能成立。泡沫会降低福利，无论是否存在其他价值储存手段。
This article proposes a test for the presence of a bubble in the price of an exhaustible resource. A bubble is accompanied by a rise in the storage‐to‐consumption ratio: Consumption peters out, and a fraction of the original stock is held forever. The test suggests there is a bubble in the price of oil and in the market for high‐end Bordeaux wines, but other explanations are also possible. A bubble reduces welfare regardless of whether there are other stores of value, particularly fiat money.