The optimal exploitation of exhaustible resources,a survey

Summary In this article a survey is given of the economic theory on the optimal exploitation of exhaustible resources. Attention is paid to Hotelling's pioneering work, the specification of welfare objectives, open economies, extraction costs, uncertainty, research and development and the relation between optimal economic growth and optimal extraction.I am indebted to C. Elbers, T. van der Meij, R. Ramer and H. Weddepohl for helpful comments.