出版社：Energiewirtschaftliches Institut an der Universität zu Köln
摘要：Despite the central role of the Hotelling model within the theory of nonrenewable resources, tests of themodel are rarely found. If existent, these tests tend to ignore two key features, namely market power andexploration. We therefore suggest an extension of the basic Hotelling framework to incorporate explorationactivity and market power and propose an implicit price behavior test of the model to indicate whether firmsundergo inter-temporal optimization. When applied to a newly constructed data set for the uranium miningindustry, the null hypothesis of the firm optimizing inter-temporally is rejected in all settings. However,parameter estimates of the model still yield valuable information on cost structure, resource scarcity andmarket power. Our results suggest that the shadow price of the resource in situ is comparably small andmay be overshadowed by market power, which may serve as an explanation for the firm failing to optimizeinter-temporally.
