The theoretical analysis of exaustible resources has to date largely ignored the geo-political realities which preoccupy policy makers and has concentrated on the logically prior problem of analyzing market equilibrium in an autarkic economy. Autarky is a useful framework for the study of competitive equilibrium but is ill-suited to analyze the taxation of those exhaustible resources which are traded between large sovereign nationan-states.
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Maskin et al. (1978) studied this question.