A class of industrial markets (such as the international oil market) is characterized by the coexistence of strategic behavior and collusive behavior: firms are divided into several cartels and each cartel maximizes its joint profit given the outsiders' supply. No previous lit.erature has done...

This paper establishes three new results for multiproduct oligopolies: 1) it presents the first explicit expression of Nash equilibria for asymmetric multiproduct oligopolies; 2) it shows that reducing a multiproduct firms cost in Bertrand oligopolies will reduce its profits if the cost-reducing...