The timing of capacity expansions as barriers to mobility in the United Kingdom’s petroleum refining industry between 1948 and 1998
We try to determine whether capacity expansion timing in oligopoly among incumbents can be considered mobility deterring. We study the United Kingdom ´s petroleum refining industry between 1948 and 1998. Using tobit models, evidence is conclusive about accommodation among incumbents. We infer that excess capacity in this industry, instead of being a tool for strategic deterrence, has been the result of unexpected demand variability.
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