The literature on markets where agents have imperfect information about their trading possibilities has been growing considerably. Many models of this literature depend fundamentally on asymmetries : either buyers or sellers set prices but not both. We, however, shall consider a symmetric model...

The theoretical analysis of exaustible resources has to date largely ignored the "geo-political realities" which preoccupy policy makers and has concentrated on the logically prior problem of analyzing market equilibrium in an autarkic economy. Autarky is a useful framework for the study of...