A. Khadr

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                    [post_content] => This paper formulates a trading game in a productive natural resource like oil. Though simple, the model developed here will highlight the role of binding long-term agreements and will show that in their absence equilibria are inefficient. Clifford and Crawford (1987) have recently emphasized this point in the context of trade in natural resources. A related issue to which I draw attention here is that of the dynamic inconsistency
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                    [post_content] => Over the past decade or so, a good deal of the conceptual work on exhaustible resources has directed some attention to the problem of uncertainty. As Notelling (1931) illustrated early on, even the simplest problems of exhaustible resource management are inherently dynamic. It is thus hardly surprising that an
uncertain future should be a pressing issue, and that its treatment in the literature should yield a number of interesting results. Future additions to resource stocks, technological improvements (including those that make a substitute for the resource in question available, or available more cheaply), demand shifts, and changes in environmental and fiscal legislation are all relevant data about which resource managers
often have little prior knowledge. For concreteness, this paper examines the effects on resource depletion of uncertainty in the industry about future tax liability. The method developed is, however, equally applicable to other types of uncertainty. The treatment is distinguished by its allowance, in a rigorous
manner, for risk aversion on the part of resource-extracting firms.
                    [post_title] => Fiscal Regime Uncertainty, Risk Aversion & Exhaustible Resource Depletion
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                    [post_title] => Capacity Constraints & the Production of Nonrenewable Resources,
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                    [post_content] => It is often argued informally that demand responses to the major oil price increases of 1973 and 1979 were still not complete several years after the events. The evidence, moreover, is that the long-run price elasticity of demand exceeds the short-run price elasticity, both for energy aggregates and individual energy carriers (see Kouris, 1983, for a survey). One reason is undoubtedly that the possibilities for substituting away from a particular energy resource, or energy in general, in "production" cannot be activated instantaneously, even at prohibitive cost. Existing processes have to be modified, new capital equipment ordered and installed, etc. (see Sweeney, 1983, for an overview of these arguments). The upshot of this is that the demand for energy and energy carriers has a dynamic structure.
                    [post_title] => Nonrenewable Resource Allocation under Intertemporally Dependent Demand
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or "subgame imperfection" of precommitment equilibria.
            [post_title] => Efficiency of Trade Equilibria in the World Oil Market
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