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Published October 1, 2012 | Submitted
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Cartel and Oligopoly Pricing of Nonreplenishable Natural Resources

Abstract

This essay is concerned with the implications of these structures in markets for nonrenewable natural resources. Following Hotelling (1931) and numerous subsequent authors, we assume that the total reserves of the resource in the hands of each producer cannot be increased and are reduced by production. Demand and cost conditions, including the relevant rate of interest, are constant over time. In such a world, producers must rationally consider price or output paths over time, so that both models outlined above become non-zero sum differential games. In what follows, we examine solutions to the games implied by various assumptions.

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Created:
August 19, 2023
Modified:
January 13, 2024