haku: @indexterm consumer durables / yhteensä: 213
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| Tekijä: | Karp, L. S. |
| Otsikko: | Monopoly extraction of a durable non-renewable resource: failure of the coase conjecture. |
| Lehti: | Economica
1993 : FEB, VOL. 60:237, p. 1-11 |
| Asiasana: | MONOPOLY NON-RENEWABLE RESOURCES ECONOMETRIC MODELS CONSUMER DURABLES |
| Kieli: | eng |
| Tiivistelmä: | A continuous time model is presented. Only the necessary conditions for a (differentiable) Markov equilibrium are used. The analysis demonstrates that, in a Markov equilibrium, it is easy to determine whether a durable-goods monopolist reproduces the competitive equilibrium when the period of commitment is infinitesimal. It is shown that the Coase Conjecture fails if the durable good is produced by a non-renewable resource owned by a monopolist, and if the durable good depreciates. If the seller has a reason to spread production over time, the Coase Conjecture will fail. |
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