This article proposes a two-stage oligopoly model for the crude oil market. In a game of several Stackelberg leaders …, market power increases endogenously as the spare capacity of the competitive fringe goes down. This effect is due to the … specific cost function characteristics of extractive industries. The model captures the increase of OPEC market power before …

This article proposes a two-stage oligopoly model for the crude oil market. In a game of several Stackelberg leaders …, market power increases endogenously as the spare capacity of the competitive fringe goes down. This effect is due to the … specific cost function characteristics of extractive industries. The model captures the increase of OPEC market power before …

Market power in water markets can be modeled as simultaneous quantity competition on a river structure and analyzed by … applying social equilibrium. In an example of a duopoly water market, we argue that the lack of backward induction logic … duopoly market. …

-researched field in the experimental oligopoly literature. We provide results from an experiment that varies the number of firms as …

number of firms, the demand rationing scheme, the subject matching, and subjects' knowledge about the market mechanism. We …