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Reserve Prices and Mineral Resource Theory

Abstract:
NOTE. Gordon Campbell Watkins was my friend for forty years. He freed me, as the Scots poet says, from many a blunder and foolish notion. We joined forces twenty years ago, when the basic data on hydrocarbon scarcity were starting to disappear. (Adelman and Watkins, 1996). A revised updated version was given in 2002 at an IAEE session in Prague. The last paper of our last effort follows, delayed by his death and my ailments. We are indebted to the Center for Energy and Environmental Policy Research at MIT for continuing aid. Without Therese Henderson and Jeanette Ehrman, the work could not have been completed. Errors in this final revision are mine alone.

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Energy Specializations: Petroleum – Exploration and Production; Petroleum – Markets and Prices for Crude Oil and Products; Natural Gas – Exploration and Production; Natural Gas – Markets and Prices

JEL Codes:
D24 - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
L13 - Oligopoly and Other Imperfect Markets

Keywords: Oil and gas reserves, Mineral resource theory, Oil production, Hotelling, Resource depletion

DOI: 10.5547/ISSN0195-6574-EJ-Vol29-NoSI-1


Published in Volume 29, Special Issue of The Quarterly Journal of the IAEE's Energy Economics Education Foundation.