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Disadvantageous Oil Tariffs and Dynamic Consistency

Eric Maskin; David Newbery
American Economic Review 1990 80(1), 143-156
A large importer who places relatively greater weight on future than current oil consumption will import less oil in the future than if it were able to commit itself in advance to future tariffs, and may find itself worse off than if it were unable to impose tariffs at all. Futures markets and storage modify these adverse effects and may avoid the problem of dynamic inconsistency.

The Isolation Paradox and the Discount Rate for Benefit-Cost Analysis: A Comment

David Newbery
Quarterly Journal of Economics 1990 105(1), 235
Journal Article The Isolation Paradox and the Discount Rate for Benefit-Cost Analysis: A Comment Get access David M. Newbery David M. Newbery University of California, Berkeley Search for other works by this author on: Oxford Academic Google Scholar The Quarterly Journal of Economics, Volume 105, Issue 1, February 1990, Pages 235–238, https://doi.org/10.2307/2937827 Published: 01 February 1990

Disadvantageous Oil Tariffs and Dynamic Consistency

Eric Maskin; David Newbery
American Economic Review 1990
A large importer who places relatively greater weight on future than current oil consumption will import less oil in the future than if it were able to commit itself in advance to future tariffs, and may find itself worse off than if it were unable to impose tariffs at all. Futures markets and storage modify these adverse effects and may avoid the problem of dynamic inconsistency. Copyright 1990 by American Economic Association.