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Testing the Hypothesis of Collusive Behavior Among OPEC Members

  • Antonio Spilimbergo

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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File URL: http://www.iadb.org/research/pub_hits.cfm?pub_id=WP-312&pub_file_name=pubWP-312.pdf
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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., 1991. "The present value model of rational commodity pricing," Working papers 3354-91., Massachusetts Institute of Technology (MIT), Sloan School of Management.
  2. Robert S. Pindyck, 1994. "Inventories and the Short-Run Dynamics of Commodity Prices," RAND Journal of Economics, The RAND Corporation, vol. 25(1), pages 141-159, Spring.
  3. J. A. Hausman, 1976. "Specification Tests in Econometrics," Working papers 185, Massachusetts Institute of Technology (MIT), Department of Economics.
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