This paper presents a test to discriminate among behaviors of producers of exhaustible resources. The behavior of a competitive producer of an exhaustible resource should follow an Euler equation. The existence of futures markets allows us to sidestep the difficult issues related to estimating...

Foreign aid is frequently cast as providing donors with a tool to secure political and economic influence. This insight leads to a number of puzzles. First, if donors compete for influence in developing countries, they are expected to expand aid commitments in the process. Yet, aid chronically...

This paper presents a test to discriminate among collusive and competitive behavior by producers of exhaustible resources. In contrast to previous studies (Griffin, 1985; Jones, 1990), which are based on static models, our approach is based on of the dynamic implications of the optimization problem...

This paper presents a test to discriminate among collusive and competitive behavior by producers of exhaustible resources. In contrast to previous studies (Griffin, 1985; Jones, 1990), which are based on static models, our approach is based on of the dynamic implications of the optimization problem...

This paper presents a test to discriminate among behaviors of producers of exhaustible resources. The behavior of a competitive producer of an exhaustible resource should follow an Euler equation. The existence of futures markets allows us to sidestep the difficult issues related to estimating...