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Oil exporting developing countries have the common problem of how best to transform their valuable but nonrenewable oil reserves into a permanent flow of income for achieving their long term development objectives. The most fundamental dynamic choices of these economies can be summarized in three basic questions: i) how much to extract, ii) how much to invest, and iii) where to invest. In other words, a sustainable development path in the case of these economies involves the optimal depletion of their exhaustible resource, allocation of revenues generated by the resource, and the optimal...