currently dominant theory of Standard Oil's success is by Elizabeth Granitz and Benjamin Klein who assert that Standard Oil was … chosen by oil shippers, the railroads, to police a railroad cartel. According to Granitz and Klein, the railroads split with …

We formulate a dynamic game model of trade in an exhaustible resource with a quantity-setting cartel. We compute the … importing country, and leadership by the exporting cartel. We numerically show that as compared to the Nash equilibrium, both … players are better off if the importing country is the leader. The follower is worse off if the exporting cartel is the leader …