When the debt of firms in distress is dispersed, a restructuring agreement is difficult to reach because of free riding. We develop a repeated game in which banks come across each other frequently, allowing them to threaten a punishment in case of free riding. As the number of lending banks...

We propose an infinite-horizon quantity-setting differential game with learning spillovers and organizational forgetting to analyze the optimal management decisions affecting the evolution of the stock of know-how, and, in turn, the dynamics of productive efficiency. Specifically, we study the...

We derive a feedback equilibrium of a dynamic Cournot game where production requires exploitation of a renewable asset. As in the classical Cournot model, quantity-setting firms compete in the same market for a given homogeneous good. We show that, when the asset stock grows sufficiently fast,...