Competition in Markets for Depletable Resources with Setup Costs

This paper analyzes the impact on exhaustible resource markets of setup costs, a sparsely analyzed category of nonconvex production technologies. This paper proves that, even under idealized circumstances for competition, a competitive equilibrium will fail to exist in the presence of setup costs, for any utility and cost functions such that a planner would exploit exhaustible resource pools sequentially. Copyright Springer 2005

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Year of publication:	2005
Authors:	Fischer, Carolyn
Published in:	Environmental & Resource Economics. - European Association of Environmental and Resource Economists, ISSN 0924-6460. - Vol. 30.2005, 3, p. 243-257
Publisher:	European Association of Environmental and Resource Economists
Subject:	competitive equilibrium \| natural resources \| non-convexities \| setup costs \| shutdown costs

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Extent:	text/html
Type of publication:	Article
Source:	RePEc - Research Papers in Economics

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