Trading in exhaustible resources in the presence of conversion costs a general equilibrium approach |
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| Authors: | Chris Elbers Cees Withagen |
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| Affiliation: | University of Amsterdam, Amsterdam, The Netherlands;Eindhoven University of Technology, Eindhoven, The Netherlands |
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| Abstract: | We survey the literature on the general equilibrium approach to trade in exhaustible resources and present a model in which conversion costs are incorporated and in which the usual balance of payments condition is relaxed. It is found that in many cases the problem of dynamic inconsistency will arise. |
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