@techreport{d6fb278a1af54097ae4078511b16f527,
title = "Strong Time-Consistency in the Cartel-versus-Fringe Model",
abstract = "In the seventies and eighties, the theory of exhaustible natural resources developed a branch, which was called the cartel-versus-fringe model, to characterize markets with one large coherent cartel and a big number of small suppliers named the fringe.It was considered appropriate to use the von Stackelberg solution concept but because solutions could only be derived in an open-loop framework time-inconsistency resulted.This paper solves time-inconsistency in the cartel-versus-fringe model and provides the feedback von Stackelberg equilibrium for all cost configurations.",
keywords = "natural resources, cartels, game theory, consistency",
author = "A.M. Groot and C.A.A.M. Withagen and {de Zeeuw}, A.J.",
note = "Pagination: 32",
year = "1996",
language = "English",
volume = "1996-22",
series = "CentER Discussion Paper",
publisher = "Microeconomics",
type = "WorkingPaper",
institution = "Microeconomics",
}