Risk and the Political Economy of Resource Development by David W. Pearce

By David W. Pearce

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Mining projects often have serious effects on the land, and if they entail the destruction of land (including destruction through the disposal of waste materials), companies not only may become involved in the same kinds of conflict over the pollution of air and water and the destruction of wildlife that often bedevil other types of industrial enterprises, but they may also be expected to engage in expensive restoration and reparation activities as mining proceeds or after it comes to an end in any area.

5) Financial Times, 27 October 1982. (6) Informal information. (7) Nachrichten fiir Aussenhandel, 9 September 1981. (8) Financial Times, 20 July 1982: (9) Shell Erdolnachrichten, July 1981. (10) Blick durch die Wirtschaft, 25 March 1978. (11) Shell, Erdolnachrichten, May 1980. 22 The Economics of Natural Resources Ventures investment determines production capacity, and extraction exhibits economies of scale. In order to simplify the problem, a given price increase, p = m, is assumed (Siebert, 1983).

N, 24 The Economics of Natural Resources Ventures 6. With a fixed cost element in extraction, mining stops when marginal operating costs are equal to average operating costs. This transversality condition requires that the firm is able to recover all production costs in terminal time. It is not worth while to extract resources if average costs cannot be recovered. Thus, in terminal time, the mine extracts a positive quantity. 2. Of course, if there is no fixed cost element, the quantity extracted in terminal time and marginal extraction costs are zero.

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