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Plain english please
This whole article needs to be interpreted/translated by someone who understands it into a version in plain English, something of some use to the casual reader.-126.96.36.199 (talk) 00:07, 12 January 2008 (UTC)
- Agreed. It is written in too technical a voice, and should be improved. I'll add it to the collective WP:ECON to-do list. -FrankTobia (talk) 14:16, 19 May 2008 (UTC)
Needs a discussion of why it hasn't held empirically
Hotelling's rule makes a lot of intuitive sense, but it generally hasn't held empirically. The article needs to 1) state this fact, and 2) explain the various theories about why it hasn't held. For instance the price of iron ore has consistently declined over time in inflation-adjusted terms. The typical explanation for this phenomenon is around the decrease in extraction costs over time. If there have been a number of large new deposit discoveries, that would obviously also drive down the price.
Dr. Schubert's comment on this article
Dr. Schubert has reviewed this Wikipedia page, and provided us with the following comments to improve its quality:
This made Hotelling rule, which consisted of optimal control theory, seek attention from the academic economists.
I would suppress this sentence (confusion between the substance and the mathematical tool used to prove the Hotelling rule).
All these events provided greater weight...
I would say: "All these publications, largely motivated by the first oil shock, provided great weight...
Keep either paragraph "the rule" or paragraph "framework", but not both (they say basically thye same thing but with different notations, which is confusing).
The paragraph Drawbacks should be suppressed: it says exactly the same thing as the paragraph immediately above. Moreover, the reference 8 is not essential.
We hope Wikipedians on this talk page can take advantage of these comments and improve the quality of the article accordingly.
We believe Dr. Schubert has expertise on the topic of this article, since he has published relevant scholarly research:
- Reference 1: Antoine d'Autume & Katheline Schubert, 2009. "Zero discounting and optimal paths of depletion of an exhaustible resource with an amenity value," Documents de travail du Centre d'Economie de la Sorbonne 09012, Universite Pantheon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne.
- Reference 2: Cuong Le Van & Katheline Schubert & Tu Anh Nguyen, 2007. "With exhaustible resources, can a developing country escape from the poverty trap ?," Documents de travail du Centre d'Economie de la Sorbonne v07075, Universite Pantheon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne.