Exploration and Exhaustibility in Dynamic Cournot Games

  title={Exploration and Exhaustibility in Dynamic Cournot Games},
  author={Michael Ludkovski and Ronnie Sircar},
We study the stochastic effect of resource exploration in dynamic Cournot models of exhaustible resources, such as oil. We first treat the case of a monopolist who may undertake costly exploration to replenish his diminishing reserves. We then consider a stochastic game between such an exhaustible producer and a “green” producer that has access to an inexhaustible but relatively expensive source, such as solar power. The effort control variable is taken to be either continuous or discrete… CONTINUE READING


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