| Título: | Nonconvexity, efficiency and equilibrium in exhaustible resource depletion |
| Autores: |
Fisher, Anthony C. Karp, Larry S. |
| Fecha: |
2008-05-08 2008-05-08 1991 |
| Publicador: | AgEcon |
| Fuente: |
 |
| Tipo: | Working or Discussion Paper |
| Tema: |
exhaustible resource nonconvex costs existence of competitive equilibrium International Relations/Trade 721 |
| Descripción: | We reconsider the problem of inefficiency and nonexistence of a competitive equilibrium in exhaustible resource markets where extraction costs are nonconvex. The existence of a backstop technology (which induces a flat portion of the industry demand curve) restores both existence and efficiency, provided that the backstop price is sufficiently low. If firms face even a small amount of uncertainty regarding their rivals' stocks, a backstop technology is sufficient to restore existence of competitive equilibrium, even if the backstop price is very high. In this case, however, the competitive equilibrium is not efficient. |
| Idioma: | en |
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