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Optimal tariffs on exhaustible resources

Karp, Larry and Newbery, David M. (1991) Optimal tariffs on exhaustible resources Journal of International Economics, 30, (3-4), pp. 285-299.

Record type: Article


We characterize the Markov perfect equilibria of two games in which oligopsonistic importers of an exhaustible resource confront competitive suppliers who have rational expectations. The games differ only in the timing of moves, or the speed with which participants can adjust their plans. The optimal tariff when sellers move first (are less flexible) differs considerably from that in which buyers move first, and sellers retain more control over intertemporal arbitrage opportunities. If the initial stock is small, buyers suffer a disadvantage from being the first-mover; this is reversed if the stock is large.

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Published date: May 1991


Local EPrints ID: 32976
ISSN: 0022-1996
PURE UUID: 405781c1-68f8-4230-8274-09e159ffa81d

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Date deposited: 10 Dec 2007
Last modified: 29 Sep 2017 14:20

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Author: Larry Karp
Author: David M. Newbery

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