Groot, Fons; Withagen, Cees; de Zeeuw, Aart - In: Economic Journal 102 (1992) 415, pp. 1478-84
One of the ways to model the supply side of the world oil market is by means of the cartel versus fringe model and to employ the open-loop von Stackelberg equilibrium concept. This note shows that the equilibrium as presented in the literature does not satisfy the optimality conditions for the...