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Resource management under endogenous risk of expropriation

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dc.creatorRodríguez Acosta, Mauricio Andrésspa
dc.date.accessioned2020-05-25T23:58:46Z
dc.date.available2020-05-25T23:58:46Z
dc.date.created2018spa
dc.description.abstractThis paper explores how the dynamic management of a non-renewable resource is affected by an endogenous (i.e., mitigable) risk of expropriation. The time at risk increases with the value of the resource in the ground and decreases with the cost of expropriating the resource. When the risk of expropriation is internalized by the legitimate owner, in the absence of capacity constraints, the resource is depleted faster than it is socially optimal. Interestingly, a marginal improvement in the protection of property rights exacerbates the over-extraction of the resource. In the presence of endogenous capacity constraints, and when property rights are imperfectly protected, both under- and over-extraction are possible. If property rights are relatively strong the resource owner under-invests in extraction capacity and depletes the resource below the socially optimal rate. If property rights are relatively weak the owner over-invests and the resource is over-extracted. © 2017 Elsevier B.V.eng
dc.format.mimetypeapplication/pdf
dc.identifier.doihttps://doi.org/10.1016/j.reseneeco.2017.11.002
dc.identifier.urihttps://repository.urosario.edu.co/handle/10336/22928
dc.language.isoengspa
dc.publisherElsevier B.V.spa
dc.relation.citationEndPage17
dc.relation.citationStartPage1
dc.relation.citationTitleResource and Energy Economics
dc.relation.citationVolumeVol. 52
dc.relation.ispartofResource and Energy Economics, Vol.52,(2018); pp. 1-17spa
dc.relation.urihttps://www.scopus.com/inward/record.uri?eid=2-s2.0-85038954499&doi=10.1016%2fj.reseneeco.2017.11.002&partnerID=40&md5=f372c4ea97c9a87dc0379c77c16681faspa
dc.rights.accesRightsinfo:eu-repo/semantics/openAccess
dc.rights.accesoAbierto (Texto Completo)spa
dc.source.instnameinstname:Universidad del Rosariospa
dc.source.reponamereponame:Repositorio Institucional EdocURspa
dc.subject.keywordEconomicsspa
dc.subject.keywordNatural resources managementspa
dc.subject.keywordSocieties and institutionsspa
dc.subject.keywordCapacity constraintsspa
dc.subject.keywordDepletionspa
dc.subject.keywordDynamic managementspa
dc.subject.keywordEndogenous capacitiesspa
dc.subject.keywordExtraction capacityspa
dc.subject.keywordNon-renewable resourcespa
dc.subject.keywordProperty rightspa
dc.subject.keywordResource managementspa
dc.subject.keywordExtractionspa
dc.subject.keywordExtraction methodspa
dc.subject.keywordInvestmentspa
dc.subject.keywordNonrenewable resourcespa
dc.subject.keywordProperty rightsspa
dc.subject.keywordResource depletionspa
dc.subject.keywordResource managementspa
dc.subject.keywordRisk assessmentspa
dc.subject.keywordCost of expropriationspa
dc.subject.keywordDepletionspa
dc.subject.keywordExtraction capacityspa
dc.subject.keywordInstitutionsspa
dc.subject.keywordNon-renewable resourcesspa
dc.subject.keywordWeak property rightsspa
dc.titleResource management under endogenous risk of expropriationspa
dc.typearticleeng
dc.type.hasVersioninfo:eu-repo/semantics/publishedVersion
dc.type.spaArtículospa
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