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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 …
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We present a duopoly model of strategic capital accumulation in continuous time with uncertainty, such that investment takes the form of singular control. Spot competition is of Cournot type. For this model there exists a parameterized and Pareto-rankable family of Markov perfect equiblibria in...
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