Monopoly Power can be Disadvantageous in the Extraction of a Durable Nonrenewable Resource
研究垄断者在开采可转化为耐用品的不可再生资源时的马尔可夫均衡，发现垄断力量可能不利，并通过数值实验验证。
We study a Markov equilibrium for the case where a monopolist extracts a nonrenewable resource which is converted to a durable good, which then depreciates at a constant rate. We show that in a stationary, continuous time model (infinite horizon, infinitesimal period of commitment) monopoly power can be disadvantageous. Numerical experiments confirm that this can also occur in a finite horizon, discrete model. This result is compared with previous examples of disadvantageous market power, obtained using two-period models.