Nonrenewable Resource Prices and Consumption When Resources Are Essential and Costly
分析了当资源对最终产品生产不可或缺且开采成本高昂时，竞争性不可再生资源的使用情况，发现资源价格下降需要研发偏向资源生产部门，而人均资源消费下降仅在资源价格增长快于GDP时发生。
This paper analyzes competitive nonrenewable resource use when the resource is both essential to final goods production and costly to produce. When the resource stock is also essential to resource production, a limiting steady state is approached with the share of labor used in resource production falling toward zero and the share of remaining reserves consumed rising to a positive constant. Ricardian differences in the resource stock are shown to be neither necessary nor sufficient to generate falling resource prices. Instead, resource prices fall only when there is an equilibrium R&D bias toward the resource-producing sector. Per capita resource consumption falls only when resource prices grow faster than GDP, which happens only when reserves are low.