Optimal resource extraction contract with adverse selection

This paper studies the design of a mining concession contract as a multi-period adverse selection problem where production is the depletion of a non renewable resource. Compared with symmetric information, we show that overproduction is optimal in the terminal phase of the resource extraction program. Moreover, asymmetric information lengthens the contract duration but reduces the scarcity rent.     

Mechanical properties of steel slag replaced mineral aggregate for road base/sub-base application based Vietnam and Japan standard

Steelmaking slag is one of the most massive industrial by-products generated during steelmaking processes. This paper presents the current steelmaking slag production status and its potential to use as mineral aggregates in base/sub-base layer of road pavement. The mechanical properties of steelmaking slag were confirmed by the test method specified in Vietnam specification. The volume stability test of the slag was conducted based on JIS A 5015-2018 (Japanese Industrial Standard: Iron and steel slag for road construction). From the results, it was confirmed that steelmaking slag can satisfy all the mechanical requirements specified in Vietnam specification and the requirements regarding stability specified in JIS A 5015-2018. In addition, it was found that the elastic modulus of steelmaking slag applied as a base or sub-base layer in pavement was higher than that of the conventional graded aggregate made from mineral aggregate. Therefore, the thickness of pavement can be reduced by using steelmaking slag, and the construction cost can be lower.