@article{Hartwick:275214, recid = {275214}, author = {Hartwick, John M. and Sadorsky, Perry}, title = {Duopoly in Exhaustible Resource Exploration and Extraction}, address = {1988-06}, number = {2118-2018-4626}, series = {IER No. 721}, pages = {20}, year = {1988}, abstract = {Strategic considerations of exploration and extraction are investigated in a two player, two period, two stage perfect equilibrium framework. Relative to two "plant" monopoly, the duopolists explore more and extract more period by period. A mixed game in which there is co-operation "upstream" in exploration and Cournot competition "downstream" in quantities extracted is investigated. We also note that increasing returns to scale in exploration can introduce an unstable interior solution with a corner solution the presumed stable equilibrium.}, url = {http://ageconsearch.umn.edu/record/275214}, doi = {https://doi.org/10.22004/ag.econ.275214}, }