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The timing of capacity expansions as barriers to mobility in the United Kingdom’s petroleum refining industry between 1948 and 1998

Arrieta Paredes, Mary-Paz (2004): The timing of capacity expansions as barriers to mobility in the United Kingdom’s petroleum refining industry between 1948 and 1998.

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Abstract

We try to determine whether capacity expansion timing in oligopoly among incumbents can be considered mobility deterring. We study the United Kingdom ´s petroleum refining industry between 1948 and 1998. Using tobit models, evidence is conclusive about accommodation among incumbents. We infer that excess capacity in this industry, instead of being a tool for strategic deterrence, has been the result of unexpected demand variability.

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