NATURAL RESOURCE ECONOMIC THEORY: AN APPLICATION TO ILLINOIS COAL
Posted on:1985-01-18
Degree:Ph.D
Type:Dissertation
University:University of Illinois at Urbana-Champaign
Candidate:HEWETT, ROGER SARGENT
Full Text:PDF
GTID:1479390017461321
Subject:Economics
Abstract/Summary:
The major economic theories of natural resource extraction are reviewed critically. The current classical theories are shown to be in error. Appropriate classical and neoclassical models of resource extraction are developed and applied using Illinois coal mining data. The models are tested to evaluate their performance in predicting the location of mining activity within Illinois.