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	Provedor de dados AgEcon (2) Autor Fisher, Anthony C. (1) Jovanovic, Boyan (1) Karp, Larry S. (1) Palavra-chave Exhaustible resource (2) 721 (1) Bubble (1) Existence of competitive equilibrium (1) International Relations/Trade (1) Nonconvex costs (1) Research Methods/ Statistical Methods (1) Resource /Energy Economics and Policy (1) Wine (1) Mais... Tipo do documento Working or Discussion Paper (2) Ano 2008 (1) 1991 (1) País United States (2) Idioma Inglês (2)		Ordenar por:  Relevância Autor Título Ano Registros recuperados: 2 Primeira ... 1 ... Última Nonconvexity, efficiency and equilibrium in exhaustible resource depletion AgEcon Fisher, Anthony C.; Karp, Larry S.. We reconsider the problem of inefficiency and nonexistence of a competitive equilibrium in exhaustible resource markets where extraction costs are nonconvex. The existence of a backstop technology (which induces a flat portion of the industry demand curve) restores both existence and efficiency, provided that the backstop price is sufficiently low. If firms face even a small amount of uncertainty regarding their rivals' stocks, a backstop technology is sufficient to restore existence of competitive equilibrium, even if the backstop price is very high. In this case, however, the competitive equilibrium is not efficient. Tipo: Working or Discussion Paper Palavras-chave: Exhaustible resource; Nonconvex costs; Existence of competitive equilibrium; International Relations/Trade; 721. Ano: 1991 URL: http://purl.umn.edu/6118 BUBBLES IN PRICES OF EXHAUSTIBLE RESOURCES AgEcon Jovanovic, Boyan. Aside from the equilibrium that Hotelling (1931) displayed, his model of non-renewable resources also contains a continuum of bubble equilibria. In all the equilibria the price of the resource rises at the rate of interest. In a bubble equilibrium, however, the consumption of the resource peters out, and a positive fraction of the original stock continues to be traded forever. And that may well be happening in the market for high-end Bordeaux wines. Tipo: Working or Discussion Paper Palavras-chave: Wine; Exhaustible resource; Bubble; Research Methods/ Statistical Methods; Resource /Energy Economics and Policy. Ano: 2008 URL: http://purl.umn.edu/45830 Registros recuperados: 2 Primeira ... 1 ... Última

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