Introduction: Managing Natural Resource Wealth for Development

Natural Resource Wealth and Directed Technical Change

This paper analyses the e¤ect of endogenous directed technical change in a resource-rich economy, embedding a version of Acemoglu’s model of directed technical change in a three-by-three trade theory model. Technical progress depends on entrepreneurs who either produce or adopt technology, and who endogenously choose which sector to operate in. The static e¤ect of a resource discovery is de-ind...

What Is the Problem with Natural Resource Wealth ?

There is a curious phenomenon that social scientists call the " resource curse " (Auty 1993). Countries with large endowments of natural resources, such as oil and gas, often perform worse in terms of economic development and good governance than do countries with fewer resources. Paradoxically , despite the prospects of wealth and opportunity that accompany the discovery and extraction of oil ...

Managing Automotive Product Development

The new product development (NPD) is the process by which a new product idea is conceived, investigated, taken through the design process, manufactured, marketed and serviced. In Automotive Engineering these related to the product realization process (PRP) which consists of five phases: "Plan and Define Program", "Product Design and Development", "Process Design and...

Natural Nonrenewable Resource Development Information and Knowledge

Irreversibility and Restoration in Natural Resource Development

We extend Real Option Theory to evaluate natural resource development projects that may bring negative net bene ts and require costly restoration. Based on a new concept, irreversibility cost, we show that the degree of irreversibility becomes an endogenous choice, rather than an exogenously given economic constraint. The xed cost of restoration has continuous impacts, over and above the widely...