We develop a resource extraction model that features imperfect substitution and endogenous market power. We analytically characterize the effect of anticipated future demand shocks on the resource extraction path and show that endogenous market power can dampen the adverse consequences of...

This paper evaluates how firms change their prices in response to cost shocks and other price changes in their environment. We first document three new facts on the heterogeneity of firm-level producer prices and their relationship to buyers and suppliers in a production network. We then develop...

We develop a resource extraction model that features imperfect substitution and endogenous market power. We analytically characterize the effect of anticipated future demand shocks on the resource extraction path and show that endogenous market power can dampen the adverse consequences of...