search query: @author Solow, J. L. / total: 2
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| Author: | Malueg, D. A. Solow, J. L. |
| Title: | Monopoly production of durable exhaustible resources. |
| Journal: | Economica
1990 : FEB, VOL. 57:225, p. 29-47 |
| Index terms: | MONOPOLY PRODUCTION NON-RENEWABLE RESOURCES |
| Language: | eng |
| Abstract: | Monopoly production of a durable exhaustible resource is examined. Previous authors have neglected the issue, implicitly assuming the monopolist's ability to make binding commitments about future. The more plausible case in which the monopolist lacks this ability is considered, and dynamic consistency is incorporated. Two models are considered. The first is a discrete-time model with a strictly finite initial stock of the resource. The second is a continuous-time model. The monopolistic seller is generally overly conservationist. He produces too slowly. By contrast, the monopolist who can precommit produces too little. |
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