Econometrica: Jan 1978, Volume 46, Issue 1
Extermination of Self-Reproducible Natural Resources under Competitive Conditions
Michael HoelThe present paper analyzes cropping of a self-reproducible natural resource under competitive conditions. Situations which may lead to extermination of the resource are described. In particular, it is shown that a production function with increasing returns to scale does not exclude the possibility of extermination, as suggested in .
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