The Response of Oil Contracts to Extreme Price Movoments
This study examines the response of oil contracts to extreme price movements. The chosen contract form is a Production-Sharing Agreement (PSA) which is the oil industry's equivalent of sharecropping and one of the most commonly used contractual agreements. We show that only the two significant price increases in the 1970s and only the price falls in the early 1980s and the early 1990s triggered a response in the terms offered by PSAs.
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|Date of creation:||2000|
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Web page: http://www.economics.ox.ac.uk/
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