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Science 25 February 1983:
Vol. 219. no. 4587, pp. 927 - 932
DOI: 10.1126/science.219.4587.927
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Articles

Understanding Nonrenewable Resource Supply Behavior

Douglas R. Bohi 1 and Michael A. Toman 2

1 Senior fellow of the Center for Energy Policy Research, Resources for the Future, 1755 Massachusetts Avenue, NW, Washington, D.C. 20036
2 Fellow of the Center for Energy Policy Research, Resources for the Future, 1755 Massachusetts Avenue, NW, Washington, D.C. 20036

Decisions concerned with finding, developing, and extracting nonrenewable resources are dynamically interrelated in complex ways. Economic theory provides a description of this process that yields useful insights, but there are gaps between theory and empirical applications that hinder our understanding of how supply responds to changes in economic incentives. Consequently, many questions concerning market efficiency as opposed to government intervention remain open.


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