Once-and-for-All Costs and Exhaustible Resource Markets

Carolyn Fischer

No 10623, Discussion Papers from Resources for the Future

Abstract: This paper analyzes the impact on exhaustible resource markets of setup or shut-down 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.

Keywords: Resource/Energy; Economics; and; Policy (search for similar items in EconPapers)
Pages: 16
Date: 1998
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Citations: View citations in EconPapers (2)

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Working Paper: Once-and-for-All Costs and Exhaustible Resource Markets (1998)
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Persistent link: https://EconPapers.repec.org/RePEc:ags:rffdps:10623

DOI: 10.22004/ag.econ.10623

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