Reinganum, Jennifer F. (1981) Oligopoly Extraction of a Nonrenewable Common Property Resource: The Importance of the Period of Commitment in Dynamic Games. Social Science Working Paper, 377. California Institute of Technology , Pasadena, CA. https://resolver.caltech.edu/CaltechAUTHORS:20171005-160021410
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Abstract
This paper is concerned with oligopolistic extraction of a deposit of a nonrenewable resource which is common property. A simple model of a resource market is presented and Nash equilibria are computed. The model is one which has been of particular interest in the early literature on competitive versus monopolistic exploitation. This paper extends the analysis of this model to intermediate market structures. Any analysis of a noncooperative dynamic game must involve specification of the appropriate strategy space. Thus this paper is also concerned with the question: what are appropriate strategies for the analysis of noncooperative resource extraction?
| Item Type: | Report or Paper (Working Paper) | ||||||
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| Alternate Title: | Oligopoly Extraction of a Common Property Natural Resource: The Importance of the Period of Commitment in Dynamic Games | ||||||
| Additional Information: | Published as Reinganum, Jennifer F. and Stokey, Nancy L. "Oligopoly Extraction of a Common Property Natural Resource: The Importance of the Period of Commitment in Dynamic Games," International Economic Review 26 (Feb. 1985):161-174. | ||||||
| Group: | Social Science Working Papers | ||||||
| Subject Keywords: | Nash equilibrium, Dynamic games, Economic models, Nonrenewable resources, Joint ownership, Oligopolies, Resource ownership, Economic commitments, Financial investments, Economic externalities | ||||||
| Series Name: | Social Science Working Paper | ||||||
| Issue or Number: | 377 | ||||||
| Record Number: | CaltechAUTHORS:20171005-160021410 | ||||||
| Persistent URL: | https://resolver.caltech.edu/CaltechAUTHORS:20171005-160021410 | ||||||
| Usage Policy: | No commercial reproduction, distribution, display or performance rights in this work are provided. | ||||||
| ID Code: | 82137 | ||||||
| Collection: | CaltechAUTHORS | ||||||
| Deposited By: | Jacquelyn Bussone | ||||||
| Deposited On: | 06 Oct 2017 17:46 | ||||||
| Last Modified: | 03 Oct 2019 18:51 |
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