Sectoral Supply of Minerals of Varying Quality
该模型研究矿物生产中产能投资与矿石品位、储量的变化如何解释一些典型事实，包括多种品位矿石同时开采、价格波动及资源价格周期性，对理解资源市场动态有帮助。
In this sectoral model of mineral production, investment in capacity and variation in orebody grade and volume help explain some stylized facts. More than one grade of ore may be exploited simultaneously. Mine exhaustion, but not necessarily entry, occurs in declining order of grade. The price may rise or fall but is likely to fall initially (young industry) and must eventually rise, at less than the interest rate unless demand expands rapidly. These trends exhibit fluctuations due to entry and exhaustion of deposits. Resource price cyclicality is reinforced because mines keep producing at capacity when the price is falling.