Learning and price volatility in duopoly models of resource depletion
We introduce learning into a Hotelling model of a non-renewable resource market. By combining learning and scarcity we add significantly to the dynamics implied by learning and substantially enhance the volatility of commodity prices. In our learning model we show how a self confirming equilibrium e...
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| Aineistotyyppi: | Working paper |
| Julkaistu: |
University of Oxford
2009
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