This paper analyzes endogenous merger formation in oligopolistic markets where firms have different unit production costs. We reformulate the merger model, introduced by Barros (1998), by employing the core as cooperative equilibrium concept. We show that, depending on the size asymmetry in the...

Governments in extraction countries are anxious to estimate expected investment in development projects, since they represent an essential element of the macro economy. The overall level of activity is also crucial to oil companies, since the macro picture affects cost levels, the supplies...

Governments in extraction countries are anxious to estimate expected investment in development projects, since they represent an essential element of the macro economy. The overall level of activity is also crucial to oil companies, since the macro picture affects cost levels, the supplies...

In this paper we study nationalizations in the oil industry around the world in 1960-2002. We show, both theoretically and empirically, that governments are more likely to nationalize when oil prices are high and when political institutions are weak. We consider a simple dynamic model of the...

In this paper we introduce identifying restrictions into a Markov-switching vector autoregression model. We define a separate set of impulse responses for each Markov regime to show how fundamental disturbances affect the variables in the model dependent on the regime. We go to illustrate the...

Since 1990, following Lord Cullen's public inquiry into the Piper-Alpha disaster, the oil industry has spent approximately 2.6 billion pounds on safety improvements. The operators have co-operated with governmental authorities in the design of a new regulatory regime, based on the principles of...

With the trigger of the Financial Crisis of the 2008, many companies in Romania and across the world had realized that the economic environment became very unstable. In order the compete in a turbulent external environment the managers of companies must know first the stability of the internal...

With the trigger of the Financial Crisis of the 2008, many companies in Romania and across the world had realized that the economic environment became very unstable. In order the compete in a turbulent external environment the managers of companies must know first the stability of the internal...

For several decades, petroleum has been a commodity of vital importance to the global economy, in which a number of interesting market phenomena has occurred. This monograph represents my efforts to describe several of these phenomenon, along with a few other elements of the oil market. My focus...

In this note we show that no solution to coalition formation games can satisfy a set of axioms that we propose as reasonable. Our result points out that "solutions" to the coalition formation cannot be interpreted as predictions of what would be ìresting pointsî for a game in the way stable...