Does market value maximization affect the order of resource exploitation?

This paper develops a dynamic model in which the marginal cost of production utilizing inexhaustible natural resources exceeds the marginal cost of production using any kind of exhaustible natural resources. The production capacity of the facility utilizing inexhaustible natural resources is finite in this model. We point out that–under certain assumptions–it is worth utilizing the more expensive inexhaustible natural resources strictly before the depletion of exhaustible natural resources, even if the objective of the decision-maker company is to maximize its market value.