Chapter 19 - Intertemporal Consistency Issues in Depletable Resources

摘要: The current price of a depletable resource depends on future demands and supplies, which affect how rapidly the is exhausted. Plans for levels demand supply can therefore price. If agents have market power commit to plans, then such plans may be dynamically inconsistent, in that given an opportunity revise those at some later date, they wish deviate from initial announcement. We survey cases are inconsistent discuss solution concepts as Markov perfect equilibria, time consistent equilibria feedback forms open-loop equilibria. Different issues arise depending whether side, or side.