Strategic considerations of exploration and extraction are investigated in a two-player, two-period, two-stage perfect equilibrium framework. Relative to two "plant" monopoly, the duopolists explore more and extract more period by period. A mixed game in which there is cooperation "upstream" in...

We set out dollar-valued net national product for an economy with a wasting essential stock (oil deposit). We take up `maintaining capital intact' and locally unchanging consumption. The percentage change in `net investment' or `genuine savings,' relative to the market rate of interest, denotes...