出版社：Energiewirtschaftliches Institut an der Universität zu Köln
摘要：Markets for natural resources and commodities are often oligopolistic. In these markets, production capacitiesare key for strategic interaction between the oligopolists. We analyze how di erent market structuresinuence oligopolistic capacity investments and thereby a ect supply, prices and rents in spatial natural resourcemarkets using mathematical programing models. The models comprise an investment period and asupply period in which players compete in quantities. We compare three models, one perfect competitionand two Cournot models, in which the product is either traded through long-term contracts or on spot marketsin the supply period. Tractability and practicality of the approach are demonstrated in an applicationto the international metallurgical coal market. Results may vary substantially between the di erent models.The metallurgical coal market has recently made progress in moving away from long-term contracts andmore towards spot market-based trade. Based on our results, we conclude that this regime switch is likelyto raise consumer rents but lower producer rents. The total welfare di ers only negligibly
