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A Model of the Crude Oil Market in Which Market Conduct Varies

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  • Geroski, Paul A
  • Ulph, Alistair M
  • Ulph, David T

Abstract

This paper describes a model which first identifies (in an estimatable manner) parameters which describe the conduct each decision maker in an oligopoly expects from it's rivals, and then allows them to vary in a systematic fashion across rivals and over time. The model is applied to ten producing countries in the crude oil market (1966I to 1981III ). A fully dynamic demand system is estimated, together with equations describing price choice and variations in conduct, and the null hypothesis of constant conduct is rejected against the more general alternative proposed here. Copyright 1987 by Royal Economic Society.

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Bibliographic Info

Article provided by Royal Economic Society in its journal The Economic Journal.

Volume (Year): 97 (1987)
Issue (Month): 388a (Supplement)
Pages: 77-86

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Handle: RePEc:ecj:econjl:v:97:y:1987:i:388a:p:77-86

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Cited by:
  1. Christiane Baumeister & Gert Peersman, 2013. "The Role Of Time‐Varying Price Elasticities In Accounting For Volatility Changes In The Crude Oil Market," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 28(7), pages 1087-1109, November.
  2. Reynolds, Douglas B. & Pippenger, Michael K., 2010. "OPEC and Venezuelan oil production: Evidence against a cartel hypothesis," Energy Policy, Elsevier, vol. 38(10), pages 6045-6055, October.
  3. Alkhathlan, Khalid & Gately, Dermot & Javid, Muhammad, 2014. "Analysis of Saudi Arabia's behavior within OPEC and the world oil market," Energy Policy, Elsevier, vol. 64(C), pages 209-225.
  4. Strand, Jon, 2010. "Optimal fossil-fuel taxation with backstop technologies and tenure risk," Energy Economics, Elsevier, vol. 32(2), pages 418-422, March.
  5. Muehlegger, Erich, 2006. "Gasoline Price Spikes and Regional Gasoline Content Regulation: A Structural Approach," Working Paper Series rwp06-015, Harvard University, John F. Kennedy School of Government.
  6. Chevillon, Guillaume & Rifflart, Christine, 2009. "Physical market determinants of the price of crude oil and the market premium," Energy Economics, Elsevier, vol. 31(4), pages 537-549, July.
  7. Bandyopadhyay, Kaushik Ranjan, 2009. "Does OPEC act as a Residual Producer?," MPRA Paper 25841, University Library of Munich, Germany, revised 2010.
  8. Bharati, Rakesh & Crain, Susan J. & Kaminski, Vincent, 2012. "Clustering in crude oil prices and the target pricing zone hypothesis," Energy Economics, Elsevier, vol. 34(4), pages 1115-1123.
  9. Jon Strand, 2008. "Importer and Producer Petroleum Taxation," IMF Working Papers 08/35, International Monetary Fund.
  10. Elbeck, Matt, 2010. "Advancing the design of a dynamic petro-dollar currency basket," Energy Policy, Elsevier, vol. 38(4), pages 1938-1945, April.
  11. T. Rao & Saraswati Singh, 1990. "CORE vs. MLE for decision models under uncertainty," Journal of Economics, Springer, vol. 51(2), pages 145-158, June.

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