We analyze the behavior of a nonrenewable resource cartel that anticipates being forced, at some date in the future, to break-up into an oligopolistic market in which its members will then have to compete as rivals. Under reasonable assumptions about the value function of the individual firms in...

We consider the steady-state equilibrium of an industry characterized by simultaneous decision-making between a produder of a primary good devides on the quality of the virgin product he will produce, and the producer of a perfectly substitutable, but more costly, recycled product, who decides...

We develop a theoretical model in which each individual is, in some ultimate sense, motivated by purely egoistic satisfaction derived from the goods accruing to him, but there is an implicit social contract such that each performs duties for the others in a way that enhances the satisfaction of...