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Resource Depletion Under Technological Uncertainty

Stiglitz, Joseph E.; Dasgupta, Partha

Studies the effect of uncertainty in the arrival date of a new technology on the rate of depletion of an exhaustible natural resource. Extension of the arbitrage equation for natural resources to the context of uncertainty; Effect of uncertainty on resource extraction; Conclusions.

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Title
Econometrica

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Economics
Published Here
May 1, 2013