We survey the literature on the general equilibrium approach to trade in exhaustible resources and present a model in which conversion costs are incorporated and in which the usual balance of payments condition is relaxed. It is found that in many cases the problem of dynamic inconsistency will arise.
|Place of Publication||Eindhoven|
|Publisher||Technische Hogeschool Eindhoven|
|Number of pages||23|
|Publication status||Published - 1983|