es

IEB

Universitat de Barcelona logotipo
Working paper
Otros
Luca Lambertini, Andrea Mantovani

2013/26 : Feedback equilibria in a dynamic renewable resource oligopoly: pre-emption, voracity and exhaustion

We extend Fujiwara’s (2008) model to describe a differential oligopoly game of resource extraction under static, linear feedback and nonlinear feedback strategies, generalising his result that steady state feedback outputs are lower than monopoly and static oligopoly equilibrium outputs for any number of firms. Additionally, we show that (i) feedback rules entail resource exhaustion for a finite number of firms; and (ii) feedback strategies are more aggressive than static ones as long as the resource stock is large enough, in accordance with the acquired view based on the traditional pre- emption argument associated with feedback information.



Download PDF

Esta web utiliza cookies para personalizar la navegación y mejorar sus servicios. Si continúa navegando, usted acepta su uso de conformidad con nuestra política de cookies. Ver más información