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Negotiation On Natural Resources

Author

Listed:
  • JOSEPH PELZMAN

    (Department of Economics, The George Washington University, Washington, DC, USA)

  • MURAT ISSABAYEV

    (#x2020;School of Postgraduate Studies, Narxoz University, Almaty, Kazakhstan)

  • YESSENGALI OSKENBAYEV

    (#x2021;Kazakh-British Technical University, Business School, Almaty, Kazakhstan)

Abstract

The host government (HG) of resource-rich countries (RRC) dealing with multiple International Oil Companies (IOCs) faces a choice between making a simultaneous multilateral offer and a sequential bilateral offer on equity shares from resource value. Provided that the HG treats all its foreign partners in a simultaneous negotiation as a single entity, it is argued that the HG is predicted to gain a higher equity share from a simultaneous multilateral bargaining deal than from a sequential bilateral one with each player. Furthermore, we argue that in case of positive weak externality from a sequential bilateral game, HG would still prefer a simultaneous multilateral game due to superadditivity and efficiency properties of grand coalition.

Suggested Citation

  • Joseph Pelzman & Murat Issabayev & Yessengali Oskenbayev, 2021. "Negotiation On Natural Resources," Global Economy Journal (GEJ), World Scientific Publishing Co. Pte. Ltd., vol. 21(01), pages 1-21, March.
    • Handle: RePEc:wsi:gejxxx:v:21:y:2021:i:01:n:s2194565921500056
    DOI: 10.1142/S2194565921500056
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