Скачать или смотреть What Is Hotelling's Theory?

Hotelling's theory, also known as Hotelling's rule, states that the owners of nonrenewable resources will only produce basic commodities if doing so can yield more than could be earned from available financial instruments, such as U.S. Treasury or other similar interest-bearing securities. It addresses the fundamental decision for an owner of a nonrenewable resource: Keep the resource in the ground and hope for a better price the next year, or extract and sell it and invest the proceeds in an interest-bearing security. The difference between the marginal extraction costs of natural resources and their price is called the Hotelling rent. In practice, the Federal Reserve Bank of Minneapolis concluded in a 2014 study that Hotelling's theory fails, with suspected reasons being extraction costs.
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