@article{Gerlagh:44222,
      recid = {44222},
      author = {Gerlagh, Reyer and Liski, Matti},
      title = {Strategic Resource Dependence},
      address = {2008-09},
      number = {828-2016-55178},
      series = {ETA},
      pages = {35},
      year = {2008},
      abstract = {We consider a situation where an exhaustible-resource  seller faces demand from a buyer who has a perfect  substitute but there is a time-to-build delay for the  substitute. We  that find in this simple framework the  basic implications of the Hotelling model (1931) are  reversed: over time the stock declines but supplies  increase up to the point where the buyer decides to switch.  Under such a threat of demand change, the supply does not  reflect the true current resource scarcity but leads to  increased future scarcity, felt during the transition to  the substitute supplies. The analysis suggests a  perspective on costs of oil dependence.},
      url = {http://ageconsearch.umn.edu/record/44222},
      doi = {https://doi.org/10.22004/ag.econ.44222},
}