文章基本信息

标题：Nonconvexity, efficiency and equilibrium in exhaustible resource depletion
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作者：Fisher, Anthony C. ; Karp, Larry S.
期刊名称：Journal of Food Distribution Research
印刷版ISSN：0047-245X
出版年度：1991
期号：SUPPL
出版社：Food Distribution Research Society
摘要：We reconsider the problem of inefficiency and nonexistence of a competitive equilibrium in exhaustible resource markets where extraction costs are nonconvex. The existence of a backstop technology (which induces a flat portion of the industry demand curve) restores both existence and efficiency, provided that the backstop price is sufficiently low. If firms face even a small amount of uncertainty regarding their rivals' stocks, a backstop technology is sufficient to restore existence of competitive equilibrium, even if the backstop price is very high. In this case, however, the competitive equilibrium is not efficient.
关键词：exhaustible resource;nonconvex costs;existence of competitive equilibrium