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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Sonraí bibleagrafaíochta
Príomhchruthaitheoirí: Ellison, M, Scott, A
Formáid: Working paper
Foilsithe / Cruthaithe: University of Oxford 2009

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