The Experts below are selected from a list of 300 Experts worldwide ranked by ideXlab platform
Ujjayant Chakravorty - One of the best experts on this subject based on the ideXlab platform.
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Discontinuous Extraction of a Nonrenewable Resource
Economics Letters, 2020Co-Authors: Eric Iksoon Im, Ujjayant Chakravorty, James RoumassetAbstract:This paper examines the sequence of optimal extraction of Nonrenewable Resources in the presence of multiple demands. We provide conditions under which extraction of a Nonrenewable resource may be discontinuous over the course of its depletion.
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economics of market power in the extraction of Nonrenewable Resources
Reference Module in Earth Systems and Environmental Sciences#R##N#Encyclopedia of Energy Natural Resource and Environmental Economics, 2013Co-Authors: Ujjayant Chakravorty, Matti LiskiAbstract:This article provides an overview of the literature on strategic behavior and Nonrenewable Resources. We show how market power leads to higher resource prices and in the presence of fringe competitive firms, to increased industry concentration over time. Competitive firms may actually benefit from the presence of a monopoly through higher resource prices. We examine the notion of strategic resource dependence – what parameters determine a country's decision to continue to import a vital, Nonrenewable resource such as crude oil, or invest in a substitute? We show that various considerations, such as the ease with which a substitute can be used and its cost, affect the supply decision of a monopoly supplier. The supplier may provide an increasing amount of resource over time, in order to prevent the buyer from investing in a substitute. Finally, we review the empirical literature on estimating market power and discuss its limitations especially in separating out the effect of scarcity from market power, since both affect the resource price–cost margin. We conclude by pointing out an interesting avenue for further empirical research.
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ordering the extraction of polluting Nonrenewable Resources
The American Economic Review, 2008Co-Authors: Ujjayant Chakravorty, Michel Moreaux, Mabel TidballAbstract:A well-known theorem by Herfindahl states that the low-cost Nonrenewable resource must be exploited first. Consider Resources that are differentiated only by their pollution content. For instance, both coal and natural gas are used to generate electricity, yet coal is more polluting. We show that the ordering of extraction need not be driven by whether a resource is clean or dirty. Coal may be used first, followed by natural gas, and again by coal. Such "vacillation" does not occur under cost heterogeneity. A perverse policy implication is that regulating pollution may accelerate use of the polluting resource.
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Specialization and Nonrenewable Resources: Ricardo Meets Ricardo
Emory Economics, 2005Co-Authors: Ujjayant Chakravorty, Darrell L. Krulce, James RoumassetAbstract:The one-demand Hotelling model fails to explain the observed specialization of Nonrenewable Resources. We develop a model with multiple demands and Resources to show that specialization of Resources according to demand is driven by Ricardian comparative advantage while the order of resource use over time is determined by Ricardian absolute advantage. An abundant resource with absolute advantage in all demands must be initially employed in all demands. When each resource has an absolute advantage in some demand, no resource may be used exclusively. The two-by-two model is characterized. Resource and demand-specific taxes are shown to have significant substitution effects.
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specialization and Nonrenewable Resources ricardo meets ricardo
Emory Economics, 2003Co-Authors: Ujjayant Chakravorty, Darrell L. Krulce, James RoumassetAbstract:The one demand Hotelling model fails to explain the observed specialization of Nonrenewable Resources in specific end-uses. We develop a model with multiple demands and multiple Resources and grades. Principles of Ricardian absolute and comparative advantage play an important role in determining the extraction profile. Absolute advantage in all end-uses creates a tendency for the dominant resource to be used first. But comparative advantage induces specialization of particular Resources in specific end-uses. The 2 x 2 model of energy use is characterized, illustrating the trade-off between least-cost-first and resource specialization. The multiple-demand model also facilitates the analysis of resource and/or end-use-specific taxation.
Shahram Shadrokh - One of the best experts on this subject based on the ideXlab platform.
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a branch and cut algorithm for resource constrained project scheduling problem subject to Nonrenewable Resources with pre scheduled procurement
Arabian Journal for Science and Engineering, 2014Co-Authors: Ali Shirzadeh Chaleshtarti, Shahram ShadrokhAbstract:In the project scheduling literature, Nonrenewable Resources are assumed to be available in full amount at the beginning of the project. However, in practice, it is very common that these Resources are procured along the project horizon according to some pre-scheduled plan. In this paper, we study an extended form of the resource-constrained project scheduling problem that is subject to this type of Nonrenewable Resources in addition to the renewable Resources. In order to solve this problem, we propose a branch and cut algorithm. We incorporate with the algorithm some technics and fathoming rules to shorten the solving process. The algorithm is capable of specifying lower bounds for the problem in any middle stage of the solving process. The lower bounds can be useful to deal with large instances, for which the solving processes may be too long. We point out parameters affecting the degree of difficulty of the problem, generate extensive sets of sample instances for the problem, and perform comprehensive experimental analysis using our algorithm and also CPLEX solver. We analyze the algorithm behavior respect to the changes in instances degree of difficulties and compare its performances in different cases with the CPLEX solver.
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branch and bound algorithms for resource constrained project scheduling problem subject to Nonrenewable Resources with prescheduled procurement
Mathematical Problems in Engineering, 2014Co-Authors: Shirzadeh A Chaleshtarti, Shahram Shadrokh, Yahya FathiAbstract:A lot of projects in real life are subject to some kinds of Nonrenewable Resources that are not exactly similar to the type defined in the project scheduling literature. The difference stems from the fact that, in those projects, contrary to the common assumption in the project scheduling literature, Nonrenewable Resources are not available in full amount at the beginning of the project, but they are procured along the project horizon. In this paper, we study this different type of Nonrenewable Resources. To that end, we extend the resource constrained project scheduling problem (RCPSP) by this resource type (RCPSP-NR) and customize four basic branch and bound algorithms of RCPSP for it, including precedence tree, extension alternatives, minimal delaying alternatives, and minimal forbidden sets. Several bounding and fathoming rules are introduced to the algorithms to shorten the enumeration process. We perform comprehensive experimental analysis using the four customized algorithms and also CPLEX solver.
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modeling a modified genetic algorithm for project scheduling subject to perishable Nonrenewable Resources
2014Co-Authors: Shahram Shadrokh, Hadi NajafiAbstract:This paper attempts to provide a solution for project scheduling problems subject to perishable, Nonrenewable Resources. The objective is to schedule activities, procurement and ordering so as to minimize the costs. We designed and employed an approach based on genetic algorithm (GA) to solve the problem. Chromosome structure is defined in indirect form with a size considerably smaller than all decision variables of the model. With a few genes, one can equate one point of the question space. In this algorithm we have offered an innovative method to generate initial population. Also, crossover and mutation operators use a combination of several methods with consideration to chromosome structure. Analysis of the results indicates that the proposed algorithm not only has a good convergence and consistency but also has a good efficiency in medium-size problems and finds optimal solution within a short time.
John E Tilton - One of the best experts on this subject based on the ideXlab platform.
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the real real price of Nonrenewable Resources copper 1870 2000
World Development, 2006Co-Authors: Peter Svedberg, John E TiltonAbstract:Over the past 40 years economists have devoted considerable effort to estimating long-run trends in real commodity prices. The results indicate that the real prices for many commodities have fallen, suggesting to the surprise of many that resource scarcity is declining over time. Almost all of this work, however, uses the U.S. producer price index or other standard price deflators, which recent research shows overestimate inflation for several reasons. This article examines copper prices with adjusted deflators designed to eliminate this bias. It finds that the trend over time, which is significantly downward when no adjustment is made to the deflator, displays no tendency in either direction or is significantly upward depending on the magnitude of the deflator adjustment employed. These findings suggest that real Resources prices provide less support than widely assumed for the hypothesis that Resources are becoming more available or less scarce over time.
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The real, real price of Nonrenewable Resources: copper 1870–2000
World Development, 2006Co-Authors: Peter Svedberg, John E TiltonAbstract:Summary Over the past 40 years, economists have devoted considerable effort to estimating long-run trends in commodity prices. The results indicate that the real prices for many commodities have fallen, suggesting to the surprise of many that resource scarcity is declining over time. Almost all of this work, however, uses the US producer price index or other standard price deflators, which recent research shows overestimate inflation for several reasons. This article examines copper prices with adjusted deflators designed to eliminate this bias. It finds that the trend over time, which is significantly downward when no adjustment is made to the deflator, displays no tendency in either direction or is significantly upward depending on the magnitude of the deflator adjustment employed. These findings suggest that real resource prices provide less support than widely assumed for the hypothesis that Resources are becoming more available or less scarce over time.
Olli Tahvonen - One of the best experts on this subject based on the ideXlab platform.
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trade with polluting Nonrenewable Resources
Journal of Environmental Economics and Management, 1996Co-Authors: Olli TahvonenAbstract:Abstract The paper considers Nonrenewable resource extraction in a situation where the resource buyers have formed a government which applies emission taxation for slowing pollution accumulation and the sellers are competitive or a resource cartel. The noncompetitive situation is studied as a Stackelberg differential game which the cartel leads. It is first assumed that extraction costs do not depend on the resource stock level and that the pollution stock does not decay. In the time-consistent and Markov-perfect equilibrium the sellers' monopoly power vanishes asymptotically. The sellers' market power reduces the buyers' emission tax at each point in time. In the Stackelberg equilibrium the emission tax is below the marginal present value of pollution damage. If pollution decays and extraction costs depend on the resource stock level, buyers have monopsony power and the ability of sellers to receive emission tax revenues is weakened. When the rate of pollution decay is high the producer price falls below the Pareto optimal level.
James Roumasset - One of the best experts on this subject based on the ideXlab platform.
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Discontinuous Extraction of a Nonrenewable Resource
Economics Letters, 2020Co-Authors: Eric Iksoon Im, Ujjayant Chakravorty, James RoumassetAbstract:This paper examines the sequence of optimal extraction of Nonrenewable Resources in the presence of multiple demands. We provide conditions under which extraction of a Nonrenewable resource may be discontinuous over the course of its depletion.
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Specialization and Nonrenewable Resources: Ricardo Meets Ricardo
Emory Economics, 2005Co-Authors: Ujjayant Chakravorty, Darrell L. Krulce, James RoumassetAbstract:The one-demand Hotelling model fails to explain the observed specialization of Nonrenewable Resources. We develop a model with multiple demands and Resources to show that specialization of Resources according to demand is driven by Ricardian comparative advantage while the order of resource use over time is determined by Ricardian absolute advantage. An abundant resource with absolute advantage in all demands must be initially employed in all demands. When each resource has an absolute advantage in some demand, no resource may be used exclusively. The two-by-two model is characterized. Resource and demand-specific taxes are shown to have significant substitution effects.
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specialization and Nonrenewable Resources ricardo meets ricardo
Emory Economics, 2003Co-Authors: Ujjayant Chakravorty, Darrell L. Krulce, James RoumassetAbstract:The one demand Hotelling model fails to explain the observed specialization of Nonrenewable Resources in specific end-uses. We develop a model with multiple demands and multiple Resources and grades. Principles of Ricardian absolute and comparative advantage play an important role in determining the extraction profile. Absolute advantage in all end-uses creates a tendency for the dominant resource to be used first. But comparative advantage induces specialization of particular Resources in specific end-uses. The 2 x 2 model of energy use is characterized, illustrating the trade-off between least-cost-first and resource specialization. The multiple-demand model also facilitates the analysis of resource and/or end-use-specific taxation.
