The Curse Of Windfall Gains In A Non Renewable Resource Oligopoly
In this paper, we consider oligopolistic equilibria in subgame-perfect strategies in continuous time, and investigate the effect of stock discovery on the profits of non-identical natural resource oligopolists. We show that a uniform addition to all stocks does not necessarily increase the discounted sum of profits of all firms. Copyright Blackwell Publishing Ltd/University of Adelaide and Flinders University 2006..
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Volume (Year): 45 (2006)
Issue (Month): 2 (06)
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- Benhabib, Jess & Radner, Roy, 1992. "The Joint Exploitation of a Productive Asset: A Game-Theoretic Approach," Economic Theory, Springer, vol. 2(2), pages 155-90, April.
- Benchekroun, Hassan & Van Long, Ngo, 2002. "Transboundary Fishery: A Differential Game Model," Economica, London School of Economics and Political Science, vol. 69(274), pages 207-21, May.
- Benchekroun, Hassan, 2003. "Unilateral production restrictions in a dynamic duopoly," Journal of Economic Theory, Elsevier, vol. 111(2), pages 214-239, August.
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