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.
As discussed in a recent OIES note, Beijing moved to tax crude oil, butane, petcoke, and asphalt and will also like… https://t.co/GzPtBuQda3
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Saudi Arabia’s Next Oil Move https://t.co/3SxvDUpSWE