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The paper reviews and critiques competing approaches for calculating depletion cost of natural resource stocks, including net price, El-Serafy’s depletion cost, sustainability price, transaction value, and replacement cost, as well as methods linking resource rent to the market value of a firm’s liabilities. Using data from Argentina’s privatization of YPF, it estimates resource rent and depletion cost and argues that net price and transaction-based methods overvalue rent, while supporting rent derivation from a firm’s stock value.",{"@graph":69,"@context":122},[70,84,105],{"@type":71,"itemListElement":72},"BreadcrumbList",[73,77,79,82],{"item":74,"name":75,"@type":76,"position":8},"https://docshare.wps.com","Home","ListItem",{"item":78,"name":9,"@type":76,"position":14},"https://docshare.wps.com/document/",{"item":80,"name":40,"@type":76,"position":81},"https://docshare.wps.com/document/research-report/",3,{"item":83,"name":65,"@type":76,"position":19},"https://docshare.wps.com/document/alternative-methods-for-estimating-resource-rent-and-depletion-cost-the-case-of-argentinas-ypf/202118/",{"url":83,"name":65,"@type":85,"image":86,"author":91,"headline":65,"publisher":94,"fileFormat":97,"inLanguage":63,"description":67,"dateModified":98,"datePublished":99,"encodingFormat":97,"isAccessibleForFree":100,"interactionStatistic":101},"DigitalDocument",{"url":87,"@type":88,"width":89,"height":90},"https://docshare.wps.com/thumbnails/alternative-methods-for-estimating-resource-rent-and-depletion-cost-the-case-of-argentinas-ypf/202118.png","ImageObject",300,407,{"name":92,"@type":93},"Ophelia","Person",{"url":74,"name":95,"@type":96},"DocShare","Organization","application/pdf","2026-10-17","2026-09-04",true,{"@type":102,"interactionType":103,"userInteractionCount":39},"InteractionCounter",{"@type":104},"ViewAction",{"@type":106,"mainEntity":107},"FAQPage",[108,114,118],{"name":109,"@type":110,"acceptedAnswer":111},"Why is estimating depletion cost important for sustainable economic development?","Question",{"text":112,"@type":113},"Because economic sustainability depends on how non-renewable natural resource stocks are managed across generations, requiring users to compensate for depletion in some form.","Answer",{"name":115,"@type":110,"acceptedAnswer":116},"What alternative methods for depletion cost does the paper evaluate?",{"text":117,"@type":113},"It reviews and critiques net price, El-Serafy’s depletion cost, sustainability price, transaction value, and replacement cost, and also discusses approaches estimating resource rent from firms’ liability market values.",{"name":119,"@type":110,"acceptedAnswer":120},"How does the paper apply the methods to Argentina’s petroleum reserves?",{"text":121,"@type":113},"It uses data from the privatization of Argentina’s state-owned oil enterprise, YPF, to compute resource rent and depletion cost for its petroleum reserves using alternative techniques and definitions.","https://schema.org",{"og:url":83,"og:type":124,"og:title":65,"og:site_name":95,"og:description":67},"article",{"robots":126,"canonical":83},"index,follow",{"doc_id":128,"site_id":62},202118,1788542447,{"code":4,"msg":5,"data":131},{"doc_id":128,"user_id":132,"nickname":92,"user_avatar":133,"doc_module":4,"category_id":39,"category_name":40,"doc_title":65,"doc_description":67,"doc_content":134,"file_id":135,"file_url":136,"file_type":137,"file_size":138,"view_count":39,"is_deleted":4,"is_public":8,"is_downloadable":8,"audit_status":8,"page_count":52,"language":139,"language_code":63,"site_id":62,"html_lang":63,"table_of_contents":140,"faqs":141,"seo_title":142,"seo_description":67,"update_tm":129,"read_time":143,"preview_page_count":4},7971461741311,"https://ap-avatar.wpscdn.com/avatar/74000253aff267980c6?x-image-process=image/resize,m_fixed,w_180,h_180&k=1779345379180704826","Pergamon  \nPII: S0301-4207(98)00006-3  \nResources Policy. Vol. 24, No. 1, pp. 39–48. 1998  \n􀃓 1998 Elsevier Science Ltd. All rights reserved Printed in Great Britain 0301-4207/98 $19 .00 + 0.00  \nAlternative methods for estimating resource rent and depletion cost: the case of Argentina’s YPF  \nGeorge D Santopietro  \nDepartment of Economics, Radford University, Radford, Virginia 24142, USA  \nThe quantification of the depreciation of natural capital is fundamental to the evaluation of the sustainability of economic development. Several methods for calculating the depletion cost of natural resource stocks have been proposed and used, including net price, El-Serafy’s depletion cost, sustainability price, transaction value and replacement cost. Miller and Upton have also shown how resource rent can be estimated using the market value of a firm’s liabilities. The relation of resource rent to depletion cost is discussed. These alternative approaches and techniques are described and critiqued. The alternative methods are used to obtain estimates for the resource rent and depletion cost of Argentina’s petroleum reserves with data derived from the privatization of Argentina’s state-owned oil enterprise, YPF. The results are used to argue that two methods, net price and transactions, overvalue the resource rent of petroleum reserves and to support the derivation of rent from the value of a firm’s stock.  \n􀃣 1998 Elsevier Science Ltd. All rights reserved  \nKeywords: resource rent, depletion cost, natural resource depletion, oil, Argentina, sustainable development  \nIntroduction  \nAny discussion of the sustainability of economic development must deal with the issue of how to manage the stock of non-renewable natural resources. Since the extraction of any of this stock enriches the generation using it while reducing the quantity available to future generations, sustainable development requires either that no generation use the stock, or that users compensate future generations in some manner for the depletion of the stock. Methods of accounting  \nfor the depletion of the stock of natural resources are being developed by economists in response to the interest in sustainable development (see for example El-Serafy, 1989; Peskin and Lutz, 1990; Repetto et al., 1989; Van Tongeren et al., 1991; Von Amsberg, 1993; Hamilton, 1994; Mikesell, 1994; Stern, 1995; Young and da Motta, 1995; Crowards, 1996; Lange, 1996) . The premise of their work is that future generations could be compensated for this loss if investments were made to ensure the maintenance of the flow of goods and services from the stock of productive capital, or of some more direct measure of human welfare (Hamilton, 1995; Pearce et al., 1996) .  \nThe particular conditions under which an investment equal to this depletion would result in development that is sustainable have been examined in the economics literature (Dasgupta and Heal, 1974; Solow, 1974, 1986; Stiglitz, 1974; Hartwick, 1978; Dasgupta and Heal, 1979; Hartwick, 1989; Pezzey, 1992; Pan, 1994; Hamilton, 1995) . The question being debated among those practising natural resource accounting is how to measure the cost of depleting natural resource capital.  \nIn theory, the price of a depletable resource includes two components: production cost, and resource rent or depletion cost (Hotelling, 1931; Dasgupta and Heal, 1979) . The usual measure for resource rent has been the surplus revenue accruing to the owners of the resource after accounting for the contribution of capital and labor inputs. Various methods for obtaining an estimate of this surplus value have been developed. These are reviewed and critiqued in this paper.  \nThe appropriateness of this measure as a means of accounting for the depletion cost is also being debated. This surplus may be composed of several distinct types of rent in addition to the resource rent.  \nResource rent and depletion cost: G D Santopietro  \nThese could include Ricardian rents due to differences ","cbCainBEA4ykobQ7","https://ap.wps.com/l/cbCainBEA4ykobQ7","pdf",71224,"English","# Introduction\n## Methods of accounting\n## Resource rent and depletion cost\n## Application to Argentina’s YPF","[{\"question\":\"Why is estimating depletion cost important for sustainable economic development?\",\"answer\":\"Because economic sustainability depends on how non-renewable natural resource stocks are managed across generations, requiring users to compensate for depletion in some form.\"},{\"question\":\"What alternative methods for depletion cost does the paper evaluate?\",\"answer\":\"It reviews and critiques net price, El-Serafy’s depletion cost, sustainability price, transaction value, and replacement cost, and also discusses approaches estimating resource rent from firms’ liability market values.\"},{\"question\":\"How does the paper apply the methods to Argentina’s petroleum reserves?\",\"answer\":\"It uses data from the privatization of Argentina’s state-owned oil enterprise, YPF, to compute resource rent and depletion cost for its petroleum reserves using alternative techniques and definitions.\"}]","Alternative methods for estimating resource rent and depletion cost - the case of Argentina’s YPF | PDF",25]