In this paper, decisions regarding production in oil exporting countries are studied by means of theoretical analysis and empirical investigation. Under the assumptions of exogenous oil prices and world oil demand, we are able to describe the relationship between oil production levels and...

In this paper, decisions regarding production in oil exporting countries are studied by means of theoretical analysis and empirical investigation. Under the assumptions of exogenous oil prices and world oil demand, we are able to describe the relationship between oil production levels and...

Escalation of commitment to failing investments is considered to be representative of biased forms of decision-making which may result in unproductive consequences. Decision makers adopt investment courses of action in initial conditions of uncertainty, which subsequently appear to lead to...