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Once-and-for-All Costs and Exhaustible Resource Markets
Carolyn Fischer
RFF Discussion Paper 98-25 | March 1998
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RESEARCH TOPICS:
Abstract
This paper analyzes the impact on exhaustible resource markets of setup or shutdown 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.
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