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homogeneous and heterogeneous product, Cournot, Tullock competition) the Nash-2 equilibrium sets are obtained and considered as … tacit collusion or strong competition in dependence of additional security considerations …
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This is a copy of my PhD thesis. The five other retail petroleum papers on this site are all derived from this work, which provides more background than is in any of these five papers.A more detailed abstract is available in the overview of thesis
Persistent link: https://www.econbiz.de/10013147454
currently dominant theory of Standard Oil's success is by Elizabeth Granitz and Benjamin Klein who assert that Standard Oil was … chosen by oil shippers, the railroads, to police a railroad cartel. According to Granitz and Klein, the railroads split with …
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We formulate a dynamic game model of trade in an exhaustible resource with a quantity-setting cartel. We compute the … importing country, and leadership by the exporting cartel. We numerically show that as compared to the Nash equilibrium, both … players are better off if the importing country is the leader. The follower is worse off if the exporting cartel is the leader …
Persistent link: https://www.econbiz.de/10009488895
significantly decreased cartel activity. The design of these repeated game experiments however is such that engaging in illegal …
Persistent link: https://www.econbiz.de/10014217339
Persistent and significant privately-held stockpiles of crude oil have long been an important empirical regularity in the United States. Such stockpiles would not rationally be held in a traditional Hotelling-style model. How then can the existence of these inventories be explained? In the...
Persistent link: https://www.econbiz.de/10009419703
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We study the optimal oil extraction strategy and the value of an oil field using a multiple real option approach. The numerical method is flexible enough to solve a model with several state variables, to discuss the effect of risk aversion, and to take into account uncertainty in the size of...
Persistent link: https://www.econbiz.de/10013086007