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- W1974277046 abstract "We present a model of oligopolistic commodity speculation, in which a limited number of speculators practice non-cooperative storage in an infinite-horizon game. A significant technical difficulty due to the non-negative stock constraint is overcome, and a tractable sub-game perfect equilibrium is presented, in which it is shown that less is stored and prices are more volatile than under perfect competition. It turns out that a tax on consumption of the good would increase storage, stabilize prices, increase welfare and raise speculative profits; the oligopolists would thus lobby for a tariff raised against their own shipments." @default.
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- W1974277046 date "1999-10-01" @default.
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- W1974277046 title "Speculation on Primary Commodities: The Effects of Restricted Entry" @default.
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- W1974277046 doi "https://doi.org/10.1111/1467-937x.00111" @default.
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