search query: @author Thomas, J. / total: 21
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| Author: | Thomas, J. |
| Title: | Cartel stability in exhaustible resource model. |
| Journal: | Economica
1992 : AUG, VOL. 59:235, p. 279-293 |
| Index terms: | CARTELS ECONOMETRIC MODELS OLIGOPOLY NATURAL RESOURCES |
| Language: | eng |
| Abstract: | The article presents the investigation of a simple common-property exhaustible resource model in a discrete-time, infinite-horizon framework. By looking at 'punishments' levelled against firms that deviate from an implicitly agreed extraction path, the author examines the extent to which different allocations can be supported as non-cooperative equilibria. Having looked at the limits to cooperation in a non-cooperative model of resource extraction, the author concludes that while the most cooperative outcomes can be sustained as equilibria for low enough discount rates, other outcomes cannot be sustained, if the elasticity of demand in the market is sufficiently high. |
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