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- W1979442050 abstract "This paper considers how likely it is that a given number of agents who share a homogeneous oil reservoir will exploit the reservoir for their common benefit. A game-theoretical model is used , examining whether one agent would profit from deviating from the cooperative strategy , given that the remaining agents would follow a subgame-perfect retaliation strategy. The paper also examines the sensitivity of the cooperative solution to the number of agents, the time it takes to discover a deviation , the value of production relative to investment , and the discount rate. It is found that the cooperative solution is very sensitive to the number of agents; with more than three agents the cooperative solution becomes very unlikely." @default.
- W1979442050 created "2016-06-24" @default.
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- W1979442050 date "2000-04-01" @default.
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- W1979442050 title "Extracting Common Oil: Cooperation or Competition?" @default.
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- W1979442050 doi "https://doi.org/10.5547/issn0195-6574-ej-vol21-no2-5" @default.
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