Nonrenewable resources, endogenous reserves and environmental policy
构建了一个涵盖勘探到场地复垦全过程的不可再生资源模型，分析矿业公司的最优决策，并设计最优环境与生物多样性政策，发现社会最优的发现储量需高于私人最优，且矫正税相比标准具有信息优势。
This study develops a model for nonrenewable resource exploration and extraction containing all the relevant stages of operation from exploration to site reclamation, and uses the model for two purposes: to analyze the optimal exploration, development, and extraction decisions of a mining firm, and to design optimal environmental and biodiversity policies. The main novelty is the endogenization of reserves through the discovery process. The private solution is characterized, including conditions under which exploration and mine development are not performed. Then, the planner’s problem is analysed and compared with the private solution, and the optimal policy is derived. It is shown among other things that the discoveries must be richer in the social optimum than in the private optimum for it to be optimal to build a mine. In addition, corrective taxes have an informational advantage compared to the much used standards in that the regulator need not be informed of the reserve level.