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Note on the open-loop von Stackelberg equilibrium in the cartel versus fringe model

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  • Groot, F.
  • Withagen, C.A.A.M.

    (Tilburg University)

  • Zeeuw, A.J. de

    (Tilburg University)

Abstract

One of the ways to model the supply side of the world oil market is by means of the cartel versus fringe model and to employ the open-loop von Stackelberg equilibrium concept. This note shows that the equilibrium as presented in the literature does not satisfy the optimality conditions for the open-loop equilibrium. The authors show, furthermore, that in contrast with the prevailing view, the equilibrium can display discontinuous price trajectories. Copyright 1992 by Royal Economic Society.

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Bibliographic Info

Paper provided by Tilburg University in its series Open Access publications from Tilburg University with number urn:nbn:nl:ui:12-377500.

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Date of creation: 1992
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Publication status: Published in Economic Journal (1992) v.102, p.1478-1484
Handle: RePEc:ner:tilbur:urn:nbn:nl:ui:12-377500

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Web page: http://www.tilburguniversity.edu/

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Cited by:
  1. BENCHEKROUN, Hassan & GAUDET, Gérard & LONG, Ngo Van, 2004. "Temporary Natural Resource Cartels," Cahiers de recherche, Universite de Montreal, Departement de sciences economiques 2004-02, Universite de Montreal, Departement de sciences economiques.
  2. Groot, F. & Withagen, C.A.A.M. & Zeeuw, A.J. de, 2000. "Open-loop von Stackelberg equilibrium in the cartel-vs.-fringe model," Open Access publications from Tilburg University, Tilburg University urn:nbn:nl:ui:12-84448, Tilburg University.
  3. Benchekroun, Hassan & Withagen, Cees, 2012. "On price taking behavior in a nonrenewable resource cartel–fringe game," Games and Economic Behavior, Elsevier, Elsevier, vol. 76(2), pages 355-374.
  4. Olli Tahvonen, 1995. "International CO 2 taxation and the dynamics of fossil fuel markets," International Tax and Public Finance, Springer, Springer, vol. 2(2), pages 261-278, August.
  5. Ngo Long, 2011. "Dynamic Games in the Economics of Natural Resources: A Survey," Dynamic Games and Applications, Springer, Springer, vol. 1(1), pages 115-148, March.
  6. Karp, Larry & Tahvonen, Olli, 1996. "International Trade in Exhaustible Resources: A Cartel-Competitive Fringe Model," CEPR Discussion Papers, C.E.P.R. Discussion Papers 1291, C.E.P.R. Discussion Papers.
  7. Groot, F. & Withagen, C.A.A.M. & Zeeuw, A.J. de, 2003. "Strong time-consistency in the cartel-versus-fringe model," Open Access publications from Tilburg University, Tilburg University urn:nbn:nl:ui:12-117032, Tilburg University.
  8. Benchekroun, Hassan & Halsema, Alex & Withagen, Cees, 2009. "On nonrenewable resource oligopolies: The asymmetric case," Journal of Economic Dynamics and Control, Elsevier, Elsevier, vol. 33(11), pages 1867-1879, November.
  9. BENCHEKROUN, Hassan & WITHAGEN, Cees, 2008. "Nonrenewable Resource Oligopolies and the Cartel-Fringe Game," Cahiers de recherche, Centre interuniversitaire de recherche en économie quantitative, CIREQ 14-2008, Centre interuniversitaire de recherche en économie quantitative, CIREQ.
  10. Cees Withagen, 1998. "Untested Hypotheses in Non-Renewable Resource Economics," Environmental & Resource Economics, European Association of Environmental and Resource Economists, European Association of Environmental and Resource Economists, vol. 11(3), pages 623-634, April.
  11. Wang, Min & Zhao, Jinhua, 2013. "Monopoly extraction of a nonrenewable resource facing capacity constrained renewable competition," Economics Letters, Elsevier, Elsevier, vol. 120(3), pages 503-508.
  12. Boyce, John R. & Vojtassak, Lucia, 2008. "An 'oil'igopoly theory of exploration," Resource and Energy Economics, Elsevier, Elsevier, vol. 30(3), pages 428-454, August.

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