We specify and solve a closed-loop dominant firm nonrenewable resource game, with a price-taking fringe. We show that (i) the outcomes of the closed-loop and the open-loop dominant firm nonrenewable resource game (à la Salant 1976) coincide and (ii) when the number of fringe firms becomes...

In the analysis of equilibrium policies in a dierential game, if agents have different time preference rates, the cooperative (Pareto optimum) solution obtained by applying the Pontryagin's Maximum Principle becomes time inconsistent. In this work we derive a set of dynamic programming equations...

An exhaustible stock of resources may be exploited by N players. An arbitrarily long duration of the game is only possible, if the utility function satisfies certain restrictions at small values R of extraction. We find that stability against unilateral defection occurs if the elasticity of the...

The model proposed in this paper investigates a differential Cournot oligopoly game with nonrenewable resource exploitation, in which each firm may exploit either its own private pool or a common pool jointly with the rivals. Firms use a deterministic technology to invest in exploration...

I investigate two versions of a differential Cournot oligopoly game with nonrenewable resource exploitation, in which each firm may either exploit its own private pool or exploit a common pool jointly with the rivals. Firms use a deterministic technology to invest in exploration activities. In...

I investigate two versions of a differential Cournot oligopoly game with nonrenewable resource exploitation, in which each firm may either exploit its own private pool or exploit a common pool jointly with the rivals. Firms use a deterministic technology to invest in exploration activities. In...

An exhaustible stock of resources may be exploited by N players. An arbitrarily long duration of the game is only possible, if the utility function satisfies certain restrictions at small values R of extraction. We find that stability against unilateral defection occurs if the elasticity of the...

We specify and solve a closed-loop dominant firm nonrenewable resource game, with a price-taking fringe. We show that (i) the outcomes of the closed-loop and the open-loop dominant firm nonrenewable resource game (a la Salant 1976) coincide and (ii) when the number of fringe firms becomes...

In this paper the scope of the applicability of the Stackelberg equilibrium concept in differential games is investigated. Firstly, conditions for obtaining the coincidence between the Stackelberg and Nash equilibria are defined in terms of the instantaneous pay-off function and the state...

I investigate two versions of a differential Cournot oligopoly game with nonrenewable resource exploitation, in which each firm may either exploit its own private pool or exploit a common pool jointly with the rivals. Firms use a deterministic technology to invest in exploration activities. In...