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Probleme des Konzepts preisabhängiger Ressourcenausstattungen
Breyer, Friedrich | Reiß, Winfried
Journal of Contextual Economics – Schmollers Jahrbuch, Vol. 101 (1981), Iss. 1 : pp. 83–98
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Breyer, Friedrich
Reiß, Winfried
Abstract
According the widely accepted definition, the "reserves" of a natural resource depend on relative prices. We stress the following difficulties involved in this concept: 1. Forecasts of resource availability tend to become logically inconsistent due to an inherent circularity. 2. A "reserve supply function" may lead to the erroneous conclusion that a rising price could make the reserves arbitrarily large. In order to avoid these problems we propose to describe resource endowments by means of extraction functions. This method enables us furthermore to disprove Heal's assertion that variable resource endowments may lead to a nonconvex consumption set and thus to market failure.