Sustainability criterion implied externality pricing for resource extraction
构建了一个引入外部性的动态模型，推广了Hartwick和Van Long的折现设定，推导出修正的Hotelling-Hartwick规则，并展示了外部性调整后的边际用户成本与投资于人造资本的边际用户成本相等，为最优开采计划提供了直观的经济解释。
A dynamic model is constructed that generalises the Hartwick and Van Long (2020) endogenous discounting setup by introducing externalities and asks what implications this has for optimal natural resource extraction with constant consumption. It is shown that a modified form of the Hotelling and Hartwick rule holds in which the externality component of price is a specific function of the instantaneous user costs and cross price elasticities. It is demonstrated that the externality adjusted marginal user cost of remaining natural reserves is equal to the marginal user cost of extracted resources invested in human-made reproducible capital. This lends itself to a discrete form with a readily intuitive economic interpretation that illuminates the stepwise impact of externality pricing on optimal extraction schedules.