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The strategic effects of subsidies on output and subsidies on investment differ substantially in dynamic models where a government's commitment ability is limited. Output subsidies remain effective even as the period of commitment vanishes, but investment subsidies may become completely...
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We characterize the open-loop and the Markov perfect Stackelberg equilibria for a differential game in which a cartel and a fringe extract a nonrenewable resource. Both agents have stock dependent costs. The comparison of initial market shares, across different equilibria, depends on which firm...
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