Chasseriaux, Jean-Michel - In: Revue d'Économie Industrielle 22 (1982) 1, pp. 24-38
[eng] Hotelling's theory of exhaustible ressources provides an explanation for the two last oil shocks. Within this framework, the first oil shock can be understood as the introduction of a user cost in a competitive market. The second one can be considered as an attempt by OPEC to reach the...