On price taking behavior in a nonrenewable resource cartel-fringe game

► In a nonrenewable resource market, the open-loop cartel-fringe equilibrium outcome is supported as an outcome of a subgame-perfect equilibrium. ► Equilibrium outcomes of the closed-loop Nash and cartel-fringe games differ even when the number of fringe firms is infinite. ► Price taking by the fringe is not the outcome of a limit case of an asymmetric closed-loop Cournot oligopoly. ► The cartel-fringe model cannot be interpreted as a limit case of an asymmetric closed-loop Cournot oligopoly.