『Abstract
We add a capacity constraint and heterogeneous reserves to the
Hotelling Valuation Principle. This produces a more general version
of the principle that is more consistent with empirical valuations,
while retaining the underlying relationship between net price
and reserve value.
Keywords: Hotelling Valuation Principle; Capacity constraints;
Mineral reserves』
1. Introduction
2. The general valuation principle
3. Conclusions
Acknowledgements
References