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Bargaining, Strategic Reserves, and International Trade in Exhaustible Resources

Author

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  • Vincent P. Crawford
  • Joel Sobel
  • Ichiro Takahashi

Abstract

This paper proposes a framework for the analysis of optimal strategic reserve policy when ability to withstand embargoes influences terms of trade in an exhaustible resource like oil. The mode embodies two stylized facts: competitive forces are not always strong enough to eliminate other influences on the negotiated price of oil, and long-term contracts for oil delivery cannot be enforced across national boundaries. Some modeling issues that arise in this context are discussed, and a model of optimal strategic reserve policies is proposed and solved in a leading special case.

Suggested Citation

  • Vincent P. Crawford & Joel Sobel & Ichiro Takahashi, 1984. "Bargaining, Strategic Reserves, and International Trade in Exhaustible Resources," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 66(4), pages 472-480.
    • Handle: RePEc:oup:ajagec:v:66:y:1984:i:4:p:472-480.
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    File URL: http://hdl.handle.net/10.2307/1240926
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    Cited by:

    1. Creti, Anna & Villeneuve, Bertrand, 2008. "Equilibrium Storage in a Markov Economy," MPRA Paper 11944, University Library of Munich, Germany.
    2. repec:dau:papers:123456789/5204 is not listed on IDEAS
    3. Anna Creti & Bertrand Villeneuve, 2013. "Commodity storage with durable shocks : A simple Markovian model," Post-Print hal-01517436, HAL.
    4. Aurora A.C. Teixeira & Rosa Forte & Susana Assunção, 2017. "Do countries' endowments of non-renewable energy resources matter for FDI attraction? A panel data analysis of 125 countries over the period 1995–2012," International Economics, CEPII research center, issue 150, pages 57-71.
    5. repec:dau:papers:123456789/4808 is not listed on IDEAS
    6. repec:dau:papers:123456789/5384 is not listed on IDEAS
    7. Chaton, Corinne & Creti, Anna & Villeneuve, Bertrand, 2009. "Storage and security of supply in the medium run," Resource and Energy Economics, Elsevier, vol. 31(1), pages 24-38, January.
    8. repec:dau:papers:123456789/2280 is not listed on IDEAS

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