n order to analyze competition in gas markets, an intermediate activity of storage is included in a classical model of vertical relations. In that case, firms can inject or withdraw strategically natural gas resource. The access to the storage facility can deteriore the welfare since it incites...

n order to analyze competition in gas markets, an intermediate activity of storage is included in a classical model of vertical relations. In that case, firms can inject or withdraw strategically natural gas resource. The access to the storage facility can deteriore the welfare since it incites...

In a repeated interaction between a principal and two agents with inter-agents externalities and asymmetric information, we show that optimal decentralization within the organization is limited to the first period and across agents.