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We study the stochastic effect of resource exploration in dynamic Cournot models of exhaustible resources, such as oil. We first treat the case of a monopolist who may undertake costly exploration to replenish his diminishing reserves. We then consider a stochastic game between such an...
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We explore optimal investment in Research and Development activities among producers in a competitive market. R&D effort is costly and results in discrete technological advances that gradually lower production costs. The aggregate cost profile is thus expressed as a stochastic multi-dimensional...
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We consider competitive capacity investment for a duopoly of two distinct producers. The producers are exposed to stochastically fluctuating costs and interact through aggregate supply. Capacity expansion is irreversible and modeled in terms of timing strategies characterized through threshold...
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