Working paper
On the stability of the short-run equilibrium of an exhaustible resource market
- Abstract:
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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 price adjusts in proportion to the current, ex-ante excess demand for the resource. We are concerned with the stability of the first-period (short-run or temporary) equilibrium which is defined as...
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- Publication status:
- Published
- Peer review status:
- Reviewed (other)
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Bibliographic Details
- Publisher:
- Oxford Institute for Energy Studies Publisher's website
- Series:
- OIES paper
- Publication date:
- 1984-01-01
- Paper number:
- M1
- ISBN:
- 0948061006
Item Description
- Language:
- English
- Keywords:
- UUID:
-
uuid:3e1615de-63fe-458c-afad-b5da740a845e
- Local pid:
- ora:10197
- Deposit date:
- 2015-02-26
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Terms of use
- Copyright holder:
- Oxford Institute for Energy Studies
- Copyright date:
- 1984
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