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has been cited by the following article:

• TITLE: Valuing Exhaustible Resource Ownership: General Equilibrium Assets-Markets versus Partial Equilibrium

  AUTHORS: Johnson Kakeu

  KEYWORDS: Conservation Finance, Arbitrageurs, General Equilibrium in Assets Markets, Partial Equilibrium, Mineral Rights Ownership, Capital Markets, Resource Conservation

  JOURNAL NAME: Theoretical Economics Letters, Vol.8 No.5, April 4, 2018

  ABSTRACT: This paper uses a general equilibrium assets-markets approach with arbitrageurs for valuing mineral resource deposit ownership. The results are contrasted with those delivered by a partial equilibrium approach. We show that in a general equilibrium assets-markets approach, arbitrageurs’ valuation of resource deposit rights commands a discount factor that adjusts not only for the time depreciation but also for changes in the resource stock size over time. A general equilibrium assets-markets approach with arbitrageurs leads to a more conservative management of exhaustible natural resources than a partial equilibrium approach does.