The Pricing of Publically Controlled Natural Resources: A General Equilibrium Approach
Hertel, Thomas W.
This paper outlines a conceptual framework for dealing with non-efficiency objectives in the pricing of publicly controlled natural resources. A general equilibrium model is developed and issues of model specification and solution are discussed. Finally, a numerical example serves to illustrate some of the important economic interactions which the model captures.
Charles H. Dyson School of Applied Economics and Management, Cornell University