The structure of markets is often taken for granted. Companies trade in a commodity market because it exists and do not feel the need to enquire into its origins. But markets are not static entities and, in the case of the oil industry, they are in a constant state of evolution as new trading techniques […]
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.
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