The benefits of storage and non‐renewable resource price dynamics
该文将存储理论与霍特林模型结合，研究非可再生资源价格，发现当未来需求或开采边际成本不确定时，企业更可能持有库存，此时市场价格由存储理论决定，而最优开采仍遵循霍特林模型。
Abstract Both the Theory of Storage and the Hotelling model play a prominent role in the study of non‐renewable resource prices. This paper combines these approaches by modifying the Hotelling model to allow firms to hold inventory in addition to in‐ground reserves, contributing three new results. First, inventory is more likely to be held if future demand and/or the marginal cost of extraction are uncertain. Second, the market price of the commodity is based on the Theory of Storage when inventory is held. Third, the optimal extraction of the resource is based on the Hotelling model.