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On the Stability of the Short-run Equilibrium of an Exhaustible Resource Market

Our purpose in writing this paper is to relax two assumptions which dominate the theory of exhaustible resources and examine the implications for the stability of equilibrium.  The first assumption postulates that a complete set of forward markets exists. The second postulates that asset and spot commodity markets clear instantaneously.

By: Y. Stournaras

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Categories:

Energy Economics , Finance , Oil

Tags:

Asset Adjustment Mechanism , Exhaustible Resource Market , Forward markets , Instantaneous Market Clearing Equilibrium , Second Period Resource Prices , Spot Markets , Stability