Lin Lawell, C.-Y. Cynthia - 2013
This paper estimates a dynamic model of the world oil market and tests whether OPEC countries colluded and whether non-OPEC … countries behaved oligopolistically over the period 1970-2004. Results of the analysis by decade support OPEC countries … colluding as the dominant cartel producer and non-OPEC countries behaving as an oligopolistic fringe. The residual demand …