Path: Top -> Journal -> Jurnal Internasional -> Journal -> Environmental Resources Economics
Exhaustible Resources, Non-Convexity and Competitive Equilibrium
Oleh : Robert D. Cairns, Kluwer
Dibuat : 2010-09-01, dengan 1 file
Keyword : Exhaustible resources , Non-convex costs , Competitive equilibrium , Non-co-operative equilibrium , Epsilon equilibrium
Theoretical underpinnings of competitive equilibrium in an exhaustible-resource market with non-convex (u-shaped) costs are proposed. The analysis extends to intertempo-ral production Novshek and Sonnenscheins approximation of static competitive equilibrium by limits of Cournot equilibria. A problem with using Novshek and Sonnenscheins method is that oligopolistic equilibrium, even an open-loop equilibrium, to which limits might be applied, does not exist when there is a non-convex technology. Using epsilon equilibrium as the equilibrium concept finesses this problem. There are two types of limiting competitive equilibrium. A third type of competitive equilibrium that has been prominent in the literature is found to be inconsistent with limiting approximations.
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Cairns_Exhaustible
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