The threat of future entry affects the exploitation of common property resources in important ways. An incumbent has a strategic incentive to manipulate the resource stock to deter entry or to harvest more stock prior to entry rather than share the resource with the entrant. It is possible that...

We analyze the welfare effects of horizontal mergers in the context of a Counot oligopoly model in which firms have different marginal costs of production. A merger may allow for a shift from less efficient more efficient producers (rationalization of production). A merger may increase social...

The authors consider a common-property resource sold in imperfectly competitive markets. There is a dynamic externality (current harvests lower future stocks, raising future harvest costs) and a static (crowding) externality. Increasing industry size raises costs but lowers prices; thus, it has...