Competition in Markets for Depletable Resources with Setup Costs
This paper analyzes the impact on exhaustible resource markets of setup costs, a sparsely analyzed category of nonconvex production technologies. This paper proves that, even under idealized circumstances for competition, a competitive equilibrium will fail to exist in the presence of setup costs, for any utility and cost functions such that a planner would exploit exhaustible resource pools sequentially. Copyright Springer 2005
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Volume (Year): 30 (2005)
Issue (Month): 3 (03)
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- Eswaran, Mukesh & Lewis, Tracy R & Heaps, Terry, 1983. "On the Nonexistence of Market Equilibria in Exhaustible Resource Markets with Decreasing Costs," Journal of Political Economy, University of Chicago Press, vol. 91(1), pages 154-167, February.
- Lewis, Tracy & Matthews, Steven A. & Burness, H. Stuart., "undated".
"Monopoly and the Rate of Extraction of Exhaustible Resources: Notes,"
137, California Institute of Technology, Division of the Humanities and Social Sciences.
- Lewis, Tracy R & Matthews, Steven A & Burness, H Stuart, 1979. "Monopoly and the Rate of Extraction of Exhaustible Resources: Note," American Economic Review, American Economic Association, vol. 69(1), pages 227-230, March.
- John Hartwick & Murray Kemp & Ngo van Long, 1980.
"Set-up Costs and Theory of Exhaustible Resources,"
412, Queen's University, Department of Economics.
- Partha Dasgupta & Richard J. Gilbert & Joseph E. Stiglitz, 1982. "Invention and Innovation Under Alternative Market Structures: The Case of Natural Resources," Review of Economic Studies, Oxford University Press, vol. 49(4), pages 567-582.
- Lozada, Gabriel A., 1996. "Existence of equilibria in exhaustible resource industries Nonconvexities and discrete vs. continuous time," Journal of Economic Dynamics and Control, Elsevier, vol. 20(1-3), pages 433-444.
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