作者：HALVORSEN, R; SMITH, TR
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Kansas City
摘要：An empirical test of the theory of exhaustible resources requires an estimate of the time path of the shadow price of the unextracted resource that generally is not observable because of the prevalence of vertical integration in natural resource industries. In this paper we use duality theory to derive an econometric model that provides a statistical test of the theory of exhaustible resources. A restricted cost function is used to obtain estimates of the shadow prices of unextracted resources...
