On the stability of the short-run equilibrium of an exhaustible resource market
We consider a Hicksian, two-period economy with an exhaustible resource. There is no forward resource market in the first period; traders form expectations about the second period resource price. Current supply plans are defined implicitly by an asset adjustment mechanism. The current, spot resource...
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| Format: | Working paper |
| Language: | English |
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Oxford Institute for Energy Studies
1984
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