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Testing the Hypothesis of Collusive Behavior Among OPEC Members

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  • Antonio Spilimbergo

Abstract

This paper presents a test to discriminate among behaviors of producers of exhaustible resources. The behavior of a competitive producer of an exhaustible resource should follow an Euler equation. The existence of futures markets allows us to sidestep the difficult issues related to estimating future prices and demand. This theoretical framework is used to test the hypothesis of collusive OPEC behavior between 1983 and 1991.

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Bibliographic Info

Paper provided by Inter-American Development Bank, Research Department in its series Research Department Publications with number 4016.

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Date of creation: Nov 1995
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Handle: RePEc:idb:wpaper:4016

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  1. Pindyck, Robert S., 1990. "Inventories and the short-run dynamics of commodity prices," Working papers 3133-90., Massachusetts Institute of Technology (MIT), Sloan School of Management.
  2. Pindyck, Robert S, 1993. "The Present Value Model of Rational Commodity Pricing," Economic Journal, Royal Economic Society, vol. 103(418), pages 511-30, May.
  3. Hausman, Jerry A, 1978. "Specification Tests in Econometrics," Econometrica, Econometric Society, vol. 46(6), pages 1251-71, November.
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Cited by:
  1. Raymond Li, 2010. "The Role of OPEC in the World Oil Market," International Journal of Business and Economics, College of Business, and College of Finance, Feng Chia University, Taichung, Taiwan, vol. 9(1), pages 83-85, April.
  2. Deb, Rahul & Fenske, James, 2009. "A Nonparametric Test of Strategic Behavior in the Cournot Model," MPRA Paper 16560, University Library of Munich, Germany.

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