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 (June)
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