Optimal resource extraction contract with adverse selection |
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Authors: | Nguyen Manh Hung Jean-Christophe Poudou Lionel Thomas |
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Institution: | 1. Laval University, Department of Economics, Que., Canada;2. Laser-Creden, University Montpellier 1, France;3. Crese, University of Franche Comté, Besançon, France |
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Abstract: | 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. |
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Keywords: | D 82 Q 30 |
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