Resource exploitation theory and the behavior of the oil cartel |
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Authors: | Richard Schmalensee |
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Institution: | University of California, San Diego, La Jolla, Calif. 92093, U.S.A. |
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Abstract: | This paper examines the implications of the partial equilibrium theory of optimal exploitation of a non-renewable resource for the behavior of the OPEC cartel. A relatively general extraction cost structure is assumed, and several new theoretical results are derived. The influence of oil-exporting countries' ultimate objectives on cartel behavior is examined under alternative assumptions about trading and investment opportunities. Some implications for the policies of oil importing nations are discussed. |
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