This paper examines a dynamic game of exploitation of a common pool of some renewable asset by agents that sell the result of their exploitation on an oligopolistic market. A Markov Perfect Nash Equilibrium of the game is used to analyze the effects of a merger of a subset of the agents. We...

According to Some Scholars Who Wrote on Risk-Taking, the Question Why Are There Multiple Prizes in Lottery Games Seems to Be - Quotes Milton Friedman - "One of the Chief Intellectual Issues Open in This Area". Elying on Brenner's (1983, 1985, 1987) Model, a Straightforward Explanation Can Be...