We introduce learning into a Hotelling model of a non-renewable resource market. Bycombining learning and scarcity we add signi?cantly to the dynamics implied by learning and substantially enhance the volatility of commodity prices. In our learning model we show how a self con?rming equilibrium...

The combination of learning and depletion in non-renewable resource markets adds significant volatility to commodity prices. The market consists of a small number of suppliers who make depletion plans based on their perceptions of how sensitive price is to supply. Learning leads to changes in...

Using oil prices since 1832 we consider the evidence in favour of escape dynamics in the oil industry and provide estimates of market inference regarding oil scarcity.

We introduce learning into a Hotelling model of a non-renewable resource market. By combining learning and scarcity we add significantly to the dynamics implied by learning and substantially enhance the volatility of commodity prices. In our learning model we show how a self confirming...

This paper examines the effect of introducing a specific type of price stickiness into a stochastic growth model subject to a cash-in-advance constraint. As in previous studies, it is found that the introduction of price rigidities provides a substantial source of monetary non-neutrality that...

We examine the effect of introducing price stickiness into a stochastic growth model subject to a cash in advance constraint. As has been previously documented, the introduction of price rigidities provides a substantial source of monetary non-neutrality; leads to a strong positive correlation...