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| Tekijä: | McLaren, J. |
| Otsikko: | Speculation on primary commodities: the effects of restricted entry |
| Lehti: | Review of Economic Studies
1999 : OCT, VOL. 66(4):229, p. 853-871 |
| Asiasana: | ECONOMICS COMMODITIES SPECULATION |
| Kieli: | eng |
| Tiivistelmä: | The author presents a model of oligopolistic commodity speculation, in which a limited number of speculators practice non-cooperative storage in an infinite-horizon game. A significant technical difficulty due to the non-negative stock constraint is overcome, and a tractable sub-game perfect equilibrium is presented, in which it is shown that less is stored and prices are more volatile than under perfect competition. |
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