dataset to be consistent with evolutionary oligopoly model. An empirical application to the oil market with OPEC producers and … context of a quantity competition oligopoly game. This paper aims to present a different solution concept for an evolutionary … model in the asymmetric oligopoly setup where firms have different cost functions to produce a homogenous good. Then, using …

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 …