This article studies the exploitation of recyclable exhaustible resources such as metals that are crucial for the energy transition or phosphorus that is crucial for agricultural production. We use a standard Hotelling model of resource exploitation that includes a primary sector and a recycling sector. We show that, when the primary sector is competitive, the price of the recyclable resource increases through time. We then show a new reason why the price of an exhaustible resource may decrease: when the primary sector is monopolistic, the primary producer has incentives to delay its production activities in order to delay recycling. As a consequence, the price path of the recyclable resource may be U-shaped. Numerical simulations show that the date of exhaustion of the virgin resource is further away in time for high and low levels of recoverability than for intermediate levels.
Understanding the mechanisms of deforestation is necessary in order to slow or arrest its progress. To accomplish this requires rigorously estimating the demand for deforestation. We contribute to this endeavor by estimating the effect of crop prices on the demand for conversion of land from forest to agriculture in the tropics during the 21st...
Initialement prévu le 6 avril, l'événement est reporté au mardi 6 juin.
Ce séminaire est consacré au thème de l’(in)efficience, des marchés financiers face à la transition écologique, dans ses dimensions informationnelle et allocationnelle. Il sera organisé autour de trois présentations développant des approches théoriques et empiriques