@techreport{NBERw13320,
 title = "Bubbles in Prices of Exhaustible Resources",
 author = "Boyan Jovanovic",
 institution = "National Bureau of Economic Research",
 type = "Working Paper",
 series = "Working Paper Series",
 number = "13320",
 year = "2007",
 month = "August",
 URL = "http://www.nber.org/papers/w13320",
 abstract = {Aside from the equilibrium that Hotelling (1931) displayed, his model of non-renewable resources also contains a continuum of bubble equilibria. In all the equilibria the price of the resource rises at the rate of interest. In a bubble equilibrium, however, the consumption of the resource peters out, and a positive fraction of the original stock continues to trade forever. And that may well be happening in the market for high-end Bordeaux wines.},
}