In this paper, we analyze the question of membership in a non-renewable resource cartel, with specific application to … OPEC. One would expect the benefits of cartel membership to be positively related to the size of remaining reserves, while … domestic petroleum consumption should be negatively related to membership if countries care about consumer interests. Our …

oil to start producing before OPEC reserves are depleted. We fully characterize the equilibrium of a cartel-fringe model … and use a calibration to examine the importance of this extraction sequence effect. While welfare under the cartel …

oil to start producing before OPEC reserves are depleted. We fully characterize the equilibrium of a cartel-fringe model … and use a calibration to examine the importance of this extraction sequence effect. While welfare under the cartel …