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The quadratic oil extraction oligopoly

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  • Hartwick, John M.
  • Brolley, Michael

Abstract

Each extractor has a distinct initial endowment of oil and a distinct quadratic extraction cost and faces a linear industry demand schedule. We observe in a discrete-time model with a finite number of periods that the open loop and closed loop solutions are the same if initial stocks are such that each competitor is extracting in every period in which her competitors are extracting.

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Bibliographic Info

Article provided by Elsevier in its journal Resource and Energy Economics.

Volume (Year): 30 (2008)
Issue (Month): 4 (December)
Pages: 568-577

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Handle: RePEc:eee:resene:v:30:y:2008:i:4:p:568-577

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Web page: http://www.elsevier.com/locate/inca/505569

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Keywords: Oligopoly extractors Closed loop solution;

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  1. Hassan Benchekroun & Ngo Van Long, 2006. "The Curse Of Windfall Gains In A Non Renewable Resource Oligopoly ," Australian Economic Papers, Wiley Blackwell, vol. 45(2), pages 99-105, 06.
  2. David Levhari & Leonard J. Mirman, 1980. "The Great Fish War: An Example Using a Dynamic Cournot-Nash Solution," Bell Journal of Economics, The RAND Corporation, vol. 11(1), pages 322-334, Spring.
  3. Lozada, Gabriel A., 1993. "Existence and characterization of discrete-time equilibria in extractive industries," Resource and Energy Economics, Elsevier, vol. 15(3), pages 249-254, September.
  4. Mukesh Eswaran & Tracy Lewis, 1985. "Exhaustible Resources and Alternative Equilibrium Concepts," Canadian Journal of Economics, Canadian Economics Association, vol. 18(3), pages 459-73, August.
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Cited by:
  1. Hassan Benchekroun & Cees Withagen, 2010. "On Price Taking Behavior In A Nonrenewable Resource Cartel-Fringe Game," Departmental Working Papers 2010-02, McGill University, Department of Economics.
  2. Hassan Benchekroun & Cees Withagen, 2008. "Nonrenewable Resource Oligopolies And The Cartel-Fringe Game," Departmental Working Papers 2008-02, McGill University, Department of Economics.

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