Arbeitspapier
OPEC's Market Power: An Empirical Dominant Firm Model for the Oil Market
In this paper we estimate a dominant firm-competitive fringe model for the crude oil market using quarterly data on oil prices for the 1986-2009 period. All the estimated structural parameters have the expected sign and are significant at standard test levels. We find that OPEC exercised its market power during the sample period. Counterfactual experiments indicate that world GDP is the main driver of long-run oil prices, however, supply (depletion) factors have become more important in recent years.
- Sprache
-
Englisch
- Erschienen in
-
Series: CESifo Working Paper ; No. 4512
- Klassifikation
-
Wirtschaft
Oligopoly and Other Imperfect Markets
Firm Organization and Market Structure
Nonrenewable Resources and Conservation: Demand and Supply; Prices
- Thema
-
oil
dominant firm
market power
OPEC
Lerner index
oil demand elasticity
oil supply elasticity
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Golombek, Rolf
Irarrazabal, Alfonso A.
Ma, Lin
- Ereignis
-
Veröffentlichung
- (wer)
-
Center for Economic Studies and ifo Institute (CESifo)
- (wo)
-
Munich
- (wann)
-
2013
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:43 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
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ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Golombek, Rolf
- Irarrazabal, Alfonso A.
- Ma, Lin
- Center for Economic Studies and ifo Institute (CESifo)
Entstanden
- 2013
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