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On the stability of the short-run equilibrium of an exhaustible resource market

Abstract:

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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Institution:
University of Oxford
Research group:
Oxford Institute for Energy Studies
Role:
Author
Publisher:
Oxford Institute for Energy Studies Publisher's website
Series:
OIES paper
Publication date:
1984-01-01
Paper number:
M1
ISBN:
0948061006
Language:
English
Keywords:
UUID:
uuid:3e1615de-63fe-458c-afad-b5da740a845e
Local pid:
ora:10197
Deposit date:
2015-02-26

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