Nonrenewable resources, strategic behavior and the hotelling rule: an experiment
This study uses the methods of experimental economics to investigate possible reasons for the lack of empirical support for the Hotelling rule for nonrenewable resources. We argue that as long as resource stocks are large enough, producers may choose to (partially) ignore the dynamic component of th...
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| Hauptverfasser: | , |
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Berlin
WZB
2014
|
| Schriftenreihe: | Discussion paper
|
| Online-Zugang: | Volltext Volltext |
| Zusammenfassung: | This study uses the methods of experimental economics to investigate possible reasons for the lack of empirical support for the Hotelling rule for nonrenewable resources. We argue that as long as resource stocks are large enough, producers may choose to (partially) ignore the dynamic component of their production decision, shifting production to the present and focusing more on strategic behavior. We experimentally vary stock size in a nonrenewable resource duopoly setting and find that producers with large stocks indeed pay significantly less attention to variables related to dynamic optimization, and overproduce relative to the Hotelling rule. |
| Beschreibung: | 1 Online-Ressource (26 S.) graph. Darst. |
Internformat
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| 520 | 8 | |a This study uses the methods of experimental economics to investigate possible reasons for the lack of empirical support for the Hotelling rule for nonrenewable resources. We argue that as long as resource stocks are large enough, producers may choose to (partially) ignore the dynamic component of their production decision, shifting production to the present and focusing more on strategic behavior. We experimentally vary stock size in a nonrenewable resource duopoly setting and find that producers with large stocks indeed pay significantly less attention to variables related to dynamic optimization, and overproduce relative to the Hotelling rule. | |
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Datensatz im Suchindex
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| indexdate | 2024-07-10T01:20:15Z |
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| spelling | Veldhuizen, Roel van 1986- Verfasser (DE-588)1056989289 aut Nonrenewable resources, strategic behavior and the hotelling rule an experiment Roel van Veldhuizen ; Joep Sonnemans Berlin WZB 2014 1 Online-Ressource (26 S.) graph. Darst. txt rdacontent c rdamedia cr rdacarrier Discussion paper This study uses the methods of experimental economics to investigate possible reasons for the lack of empirical support for the Hotelling rule for nonrenewable resources. We argue that as long as resource stocks are large enough, producers may choose to (partially) ignore the dynamic component of their production decision, shifting production to the present and focusing more on strategic behavior. We experimentally vary stock size in a nonrenewable resource duopoly setting and find that producers with large stocks indeed pay significantly less attention to variables related to dynamic optimization, and overproduce relative to the Hotelling rule. Sonnemans, Joep Verfasser aut http://bibliothek.wzb.eu/pdf/2014/ii14-203.pdf Verlag kostenfrei Volltext http://hdl.handle.net/10419/96220 Langzeitarchivierung kostenfrei Volltext |
| spellingShingle | Veldhuizen, Roel van 1986- Sonnemans, Joep Nonrenewable resources, strategic behavior and the hotelling rule an experiment |
| title | Nonrenewable resources, strategic behavior and the hotelling rule an experiment |
| title_auth | Nonrenewable resources, strategic behavior and the hotelling rule an experiment |
| title_exact_search | Nonrenewable resources, strategic behavior and the hotelling rule an experiment |
| title_full | Nonrenewable resources, strategic behavior and the hotelling rule an experiment Roel van Veldhuizen ; Joep Sonnemans |
| title_fullStr | Nonrenewable resources, strategic behavior and the hotelling rule an experiment Roel van Veldhuizen ; Joep Sonnemans |
| title_full_unstemmed | Nonrenewable resources, strategic behavior and the hotelling rule an experiment Roel van Veldhuizen ; Joep Sonnemans |
| title_short | Nonrenewable resources, strategic behavior and the hotelling rule |
| title_sort | nonrenewable resources strategic behavior and the hotelling rule an experiment |
| title_sub | an experiment |
| url | http://bibliothek.wzb.eu/pdf/2014/ii14-203.pdf http://hdl.handle.net/10419/96220 |
| work_keys_str_mv | AT veldhuizenroelvan nonrenewableresourcesstrategicbehaviorandthehotellingruleanexperiment AT sonnemansjoep nonrenewableresourcesstrategicbehaviorandthehotellingruleanexperiment |