Business, 20.08.2020 23:01 kx85DirtbikeRider

There are two oil companies, Beverly Oil Company (BOC) and Clampett Exploration (ClEx), that have adjacent land leases over an oil reservoir of known size. They must choose whether to drill and the size of well to drill if they choose that option. It costs less to drill a narrow well, but the oil is extracted over a greater length of time. If one firm drills a narrow well and the other a wide well then the second firm will be able to pump the greater share of the oil in the reservoir. The payoff matrix for the game is

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There are two oil companies, Beverly Oil Company (BOC) and Clampett Exploration (ClEx), that have ad...

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