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assumptions. modit): prices are the subject of the last three chapters (by Lord, Dixon and Hughes Hallet, and Durand and Blondal). The book illustra...

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assumptions.

modit): prices are the subject of the last three chapters (by Lord, Dixon and Hughes Hallet, and Durand and Blondal).

The book illustrates the considcrable progress that has been made in mode~ling commodity markets. Interesting areas for future research. however, remain. Due to space limit:ltions, I will suggest only a few. The first area concerns computing equilibria of dynamic games. The chapters in this book arc concerned with static problems. Mineral markets, however, are inherently dynamic. Whereas the simplest sort of dynamic games can be solved using static techniques. as soon as more complex forms of strategic behaviour are introduced (in the language of game theory, when we allow feedback or closed-loop strategies), more sophisticated computational methods are needed. The second area concerns the comhination of imperfect competition and futures markets. Many mineral ma-kets are characterized by market power on the part of producers and on the part of traders (eg firms such as Mark Rich). And it is reasonable to think that actors with market power will behave strategically in futures as well as in cash markets. Nevertheless, the vast majority of financial-market moclels are based on competitive market

The final area concerns shadow pricing. Shadow prices can be derived in a much more rigorous fashion when one works with a dual (profit or cost function) formulation rather than a primal (production function) formulation, as is done here. Moreover, \~rtually any of the powerful duality results that arc usually applied only when inputs and outputs are said at competitive-market prices can be applied when inputs are unpriced and/or markets arc imperfectly competitive. In the former case, one includes the level of the unpriced factor and calculates the shadow price as a partial derivative. whereas in the xccond case, one replaces the market price with the appropriate shadow price. To conclude. International Cornrnodi~-Market Mo&ls is :I book that retlccts the new concerns of cconomists, mineral-commoditv modeller5. and industry-commodit> specialists. Moreover. when this material is organized into a coherent set of chapters, it is easier to identify areas where research is needed. The book is thercfore useful for focusing our attention on this important subject.

Margaret Slade Department of Economics University of British Columbia Vancouver, Canada -

Resources reading Advanced Materials: Outlook and lnformalion Requirrment.s by Louis J. Sousa t’f (11 (US Bureau of Mines, Washington, DC, USA, 1991, 133 pp) African Mining ‘Yl: Papers from the Second International Conference in Haraw (IMM, Elszvicr Science Publications, Crown House, Linton Road, Barking, UK, 1991, 400 pp, f68.00, Essex, US$136.00) ,4 11~1 vial Mining: Proceedings of an In termtional Conference held in London, UK (IMM. Elsevier Science Publications, Crown House, Linton Road, Barking, Essex, UK, 1991, 300 pp, f55.00. rrs$llo.OO) Annual Review of Energy and the Environment, Volume 16, 1991 (Annual Reviews

RESOURCES

POLICY June 1992

Inc, 4139 El Camino Way, PO Box 10139. Palo Alto. CA 9430.X1897. t!SA. 1991. 586 pp_ US$69.00) 7he Econonzrcr of Gold 19Yl (Roskill Information Services Ltd, 2 Clapham Rd, lJK, 1991. 154 pp. f695.00. London, us$lao.oo)

Conference on Non-Ferrous M&llurgy _ Preseni and Future. held in Brussels (IMM. Elsevier Science Publications. crown House, Linton Rd, Barking, Escex, UK, 1991. 3n0 pp. fhX.00, US$l36.W) Evolution of the Marrufacturirlg Component in the Ontario M&al Mining Industry by A.G. Green and M.A. Green (CRS Publications. Queen’s University. Kingston. Ontario. (‘anada. 1991. 60 pp_ C$l5.00) A Guide to the Hamburg Rules: A N Industrv Renort hv Christof Luddeke and Andrew .lohnwn (Lloyd’s of London Press, Sheepen Place, Colchester. Essex CO3 3LP. IJK, 1991, S3 pp. f75.00) Human Resource Planning in the ,~~ning hldwtry edited hy Moirs Jackson (CRS Publications, Centre for Resource Studies. Queen’s University. Kingston, Canada, 1991)

(QECD Publications Pascal. 75775 Paris 1991 1 130pp, f30.00.

Office, 2 rue AndreCedex 16. France, us$s2.00)

Iti Situ md Oti Siir Rioret.ltr~rutiorl. Z VOL. edited by Robert E. Hinchec and Robert F. Olfenbuttel (Butterworth-Heinemann. X0 Montvale Avenue, Stoneham, MA 02180. USA. 1991. ~jS$l50.00)

Imtitutr of Mining and Metallurgy ,t h stracts, Vol 15, No 1, prepared by the Library and information Services Staff (Institute of Mining and Metallurgy. 44 Portland Place. L.ondon WlN4R, IJK, 1991. X7 PPI Mining. Politics and Development in the South Pacific hy Michael C. Howard (Westview Press, 5500 Central Avenue, Houlder. <‘O X0301-2847, [ISA. 1991, 31

pp, US$28.50) The M~~liilgand Metai~urgica~ lndif~tries in Eastern Europe: A Study by CERNA, Vol I : Gerwral Synthesis; Vol 2: Situation and Perspectn*es for the Industry; Vol 3: Stati&tics, Maps and Plant Technical Descriptions (CERNA, 60 Boulevard Saint Michel. 75272 Paris Cedes 6, France. 1991, 1!S$lSO.OO. FF1000)

Mining 111the USSR: investment, Trade and

The Economics of Platinum Group Metals 1991 {Roskill Information Services Ltd. 2 Clapham Rd, London, UK, 1991, 360 pp. X480.00, us$1055.00)

Cooperation in a Changing Environment by James P. Dorian {The Economist Intelligence Unit. 215 @ark Ave South, New York, NY 10003, USA. 1091, f395.00, US$785 .OO)

Encyclopedia of Earth System Science (4 vols), editor-in-chief William A. Nierenher$ (Academic Press (Harcourt Brace Jovanovich). 1250 Sixth Avenue, San Diego, CA 92101-4311, USA, 1991, 2500 pp, f595.00)

Nuclear Techniques in the Exploration and Exploitation of Energy . . and Mineral Resources (International Atomic Energy Agency, Publications Div., PO Box 100, A-1400 Vienna, Austria, 1991, 627 pp, AS 1660)

149

Resources readinglConferences Price Prospects for Major Primary Commodities, 1990-2005, Vol I: Summary, Energy, Metals and Minerals; Vol II: Agriculture products, Fertilizers, Tropical Timbers (The World Bank, 1818 H St, NW, Washington, DC 20433, USA, 1991, 248

Southern Exposure: Deciding Antarctica’s Future by Lee A. Kimball (World Resources Institute Publications, PO Box 4852, Hampden Station, Baltimore, USA, 1991, 40 pp, US$13.00)

PP, 371 PP)

Structural Adjustment and Sustainable Development in the Philippines by Wilfrido Cruz and Robert Repetto (WRI Publications, PO Box 4852, Hampden Station, Baltimore, MD 21211, USA; 1991, 75 pp; US$50.00)

Resource Management and Development by Bruce Mitchell (Oxford University Press, Walton St, Oxford, UK, 1991, 256 pp. f13.50) Response to Crisis: The Ontario Metal Mining Industry, 1975-1985 by A.G. Green and M.A. Green (CRS Publications, Queen’s University, Kingston, Ontario, Canada, 1991, 30 pp, C$lS.OO) Roskill’s Metals Databook 1991 (The Raw Materials Group AB and Roskill Information Services Ltd, 2 Clapham Rd, London SW9 OJA, UK, 1991,-250 pp, f190.00, US$420.00)

Sulphur Mining in Poland by Leszek Preisner (CRS Publications, Queen’s University, Kingston, Ontario, Canada, 1991, 26 pp, C$20.00) Uranium and Nuclear Energy 1991: Proceedings of the 16th International Symposium held by the Uranium Institute in London, September 1991 (The Uranium Institute, 12th Floor, Bowater House, 68 Knightsbridge, London SWlX 7LT, UK, 1991, 344 pp, f60.00)

This calendar of events is compiled from information provided by the respective organizers and from secondary sources. RESOURCES POLICY welcomes information on all conferences relevant to mineral resources issues for listing in this section. The copy deadline is three months before publication.

20-25 June 1992, Washington, DC, USA INTERNATIONAL CONFERENCE ON THE DEFINITION AND MEASUREMENTS OF SUSTAINABILITY: The Biophysical Foundations. More details from Dr Walter Shearer, c/o UNU Office in North America, 2 United Nations Plaza, New York, NY 10017, USA. 23-26 June 1992, Birmingham, UK EUROCHEM 92: Europe’s only UKbased processing exhibition for the chemical, energy, water, food, drink, tobacco, textile, materials, oil, gas, pharmaceutical

150

Market: Supply Uranium InstiInstitute, 12th Knightsbridge, 1991, 120 pp,

Uranium Mining in Canada and Australia: The Impact of Taxation by B.W. Mackenzie et al (CRS Publications, Queen’s University, Kingston, Canada, 1991) US Petroleum Strategies in the Decade of the Environment by Bob Williams (PennWell Books, PO Box 21288, Tulsa, OK 74121, USA, 1991,352 pp, USA and Canada US$69.95, export US$90.75) World Petroleum Trends 1991 by Petroconsultants (UK) Ltd (PennWell Books, PO Box 21288, Tulsa, OK 74121, USA, 1991, 250 pp, USA and Canada US$435.00, export US$595.00)

18-22 October 1992, Las Vegas, USA MINExpo International ‘92. More details from American Mining Congress, 1920 N St NW, STE 300, Washington, DC 20036, USA. Tel: +l 202 861 2800.

Conferences

2-5 June 1992, Khaharovsk, USSR CONFERENCE ON SOVIET MINING DEVELOPMENT: Prospects, Problems and Cooperation with the Pacific Basin. More details from Dr J.P. Dorian, EastWest Center, 1777 East-West Rd, Honolulu, HI 96848, USA or Dr Pave1 Minakir, of Regional Comprehensive Institute Analysis, USSR Academy of Sciences, 22 Seryshev Street, Khabarovsk, 680028, USSR or Dr Vitaly Borisovich, Moscow Geological and Prospecting Institute, Miklhuho-Miklai Street, Blok 23, Moscow 11748, Russia.

Uranium in the New World and Demand 1990-2010, a tute Report (The Uranium Floor, Bowater House, 68 London SWlX 7LT, UK, f35.00)

and mineral industries in 1992. More details from Eurochem 92, Sara Binns, Exhibition Manager, Reed Exhibitions Companies Ltd, 26 The Quadrant, Richmond, Surrey TW9 lDL, UK. 24 August-3 September 1992, Kyoto, Japan INTERNATIONAL GEOLOGICAL CONGRESS. More details from IGC 92 Officer, PO Box 65, Tsukuba, Ibaraki 305, Japan. 2-4 September 1992, Calgary, Canada 2ND INTERNATIONAL CONFERENCE ON ENVIRONMENTAL ISSUES AND MANAGEMENT OF WASTE IN ENERGY AND MINERAL PRODUCTION. More details from Raj K. Singh, Symposium Chairman, PO Box 68002, Rachlands RPO 7750, Ranchview Drive NW, Calgary, Canada T3G 3NG. Fax: + 1 403 241 9460. 1619 September 1992, Tampa, Florida, USA Communications Workshop. More details from American Mining Congress, 920 N Street NW, Suite 300, Washington DC 200361662, USA.

20-22 October 1992, Toronto, Canada 3rd INTERNATIONAL SAMPE METALS CONFERENCE, held concurrently 24th with the INTERNATIONAL SAMPE TECHNICAL CONFERENCE. More details from Nanci Hawley, Public Relations, Society for the Advancement of Material and Process Engineering, PO Box 2459, Covina, CA 91722, USA. Tel: +l 818 331 0616 Ext 617. 11-13 November 1992, Seoul, South Korea FURNACES ASIA 92. More details from Jane Malcolm-Coe, PR and Publicity Manager, FMJ International Publications Ltd, Queensway House, 2 Queensway, Redhill, Surrey RHl lQS, UK. Tel: +44 (0)737 768611; fax: +44 (0)737 761685. 16-17 November, 1992, London, UK OIL AND MONEY: Herald Tribune and the Oil Daily Group Conference. More details from Brenda Hagerty, International Herald Tribune, 63 Long Acre, London WC2E 9JH, UK. Tel: +44 (0)71 836 4802; fax: +44 (0)71 836 0717. 16-19 November 1992, Orlando, Florida, USA 1992 INTERNATIONAL GAS RESEARCH CONFERENCE. More details from Gas Research Institute, 8600 West Bryn Mawr Avenue, Chicago, IL 60631, USA. Tel: +l 312 399 8300; fax: +l 312 399 8170.

RESOURCES

POLICY June

1992