Putting OPEC out of business
I develop a differential game between an oil cartel, and an importer investing in R&D to reduce the cost of a substitute to oil. The equilibrium dynamics mirror the recent oil price collapse: prices first increase, but eventually fall as the cartel is forced to deter unconventional (shale) o...
Main Author: | |
---|---|
Format: | Working paper |
Published: |
University of Oxford
2012
|