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Rapacious Resource Depletion, Excessive Investment and Insecure Property Rights: A Puzzle.

Abstract:

For a country fractionalized in competing factions, each owning part of the stock of natural exhaustible resources, or with insecure property rights, we analyze how resources are transformed into productive capital to sustain consumption. We allow property rights to improve as the country transforms natural resources into capital. The ensuing power struggle about the control of resources is solved as a non-cooperative differential game. Prices of resources and depletion increase faster than s...

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Publisher copy:
10.1007/s10640-010-9400-7

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Publisher:
Springer
Journal:
Environmental and Resource Economics More from this journal
Volume:
48
Issue:
1
Pages:
105 - 128
Publication date:
2011-01-01
DOI:
ISSN:
0924-6460
Language:
English
UUID:
uuid:8c897672-a191-4e9f-ab02-9d0677684880
Local pid:
oai:economics.ouls.ox.ac.uk:14978
Deposit date:
2011-08-16

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