Fixing a numéraire in the Theory of Exhaustible Resources. A Reply to Bidard and Erreygers

Christian Bidard and Guido Erreygers (2020) published in this issue of OEconomia a sort of ecumenical reply to criticisms, which over the last two decades have been levelled at their treatment of exhaustible resources within what they consider a “classical” framework of the analysis. In a first step they restate the model they began to elaborate in 2001; the original version of the model was the object of a minisymposium in the journal Metroeconomica (2001). In a second step they then reply to their critics: Sergio Parrinello, Fabio Ravagnani, Bertram Schefold and us. In this short note we focus attention exclusively on those statements by Bidard and Erreygers that concern us and their critical remarks on our alternative view of the subject. Readers interested in our perspective on the debate and the contributions of the aforementioned scholars are invited to consult Kurz and Salvadori (2015)