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We turn the zero-profit condition that is typically used to determine the number of firms into a game of entry/exit. We assume that identical firms compete in Cournot fashion, and when market …
Discussion paper
In industries where consumption generates negative externalities and internalities, governments can attempt to curb excess demand by restricting supply. However, this strategy may simply shift …
Discussion paper
The extraction of carbon energy contributes to the global stock of pollution, increasing the risk of welfare-damaging environmental dis- aster. The governments of the countries educate workers as …
Discussion paper