The Rise and Fall of Oil Prices: a Competitive View

This paper develops a competitive theory of the recent history of the oil market. We show that the supply curve for oil is backward bending, and that the presence of multiple equilibria explains better than cartel theories the behavior of the principal participants in this market. We study some implications of this theory for the short run and long run stability of the price.

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Year of publication:	1989
Authors:	CREMER, Jacques ; SALEHI-ISFAHANI, Djavad
Published in:	Annales d'Economie et de Statistique. - École Nationale de la Statistique et de l'Admnistration Économique (ENSAE). - 1989, 15-16, p. 427-454
Publisher:	École Nationale de la Statistique et de l'Admnistration Économique (ENSAE)

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Extent:	application/pdf
Type of publication:	Article
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005078799