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We design optimal mechanism to collect revenues from nonrenewable resource exploitation, when the resource must be explored and discovered and when there is asymmetric information. The exploration …
Discussion paper
People often draw inferences from sequences of past performance, sometimes perceiving patterns even in random outcomes. This has fueled debates regarding phenomena such as the hot hand and gambler’s …
Discussion paper
This paper studies sustainability agreements between competitors about their use of a natural resource. A symmetric Cournot duopoly model reveals the main effects. Two types of agreements are …
Discussion paper