Browsing by Author "Liski, Matti"

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    Forward trading and collusion in oligopoly
    (ACADEMIC PRESS INC ELSEVIER SCIENCE, 2006) Liski, Matti; Montero, Juan Pablo
    We consider an infinitely repeated oligopoly in which at each period firms not only serve the spot market by either competing in prices or quantities but also have the opportunity to trade forward contracts. Contrary to the pro-competitive results of finite-horizon models, we find that the possibility of forward trading allows firms to sustain collusive profits that otherwise would not be possible to achieve. The result holds both for price and quantity competition and follows because (collusive) contracting of future sales is more effective in deterring deviations from the collusive plan than inducing the previously identified pro-competitive effects. (c) 2005 Elsevier Inc. All rights reserved.
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    Forward Trading in Exhaustible-Resource Oligopoly
    (2008) Montero Ayala, Juan Pablo; Liski, Matti
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    On Coase and Hotelling
    (2009) Montero Ayala, Juan Pablo; Liski, Matti