On the peaking of consumption with exhaustible resources and zero net investment

We investigate an intertemporal model with an exhaustible resource inflow which exhibits a single peak in consumption on the path of development. The peak follows the date at which net investment is zero. The "top" of consumption is higher and flatter and peaks later when the discount rate is lower. "Low" endowments of the exhaustible resource stock (and "high" discount rates) are associated with strictly declining consumption paths.