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proliferating their products. It is shown that a selective pruning within the cartel always occurs. Moreover, by associating a … cooperative (or coalitional) stability of the whole industry cartel is the equidistance of firms' products along the quality …
Persistent link: https://www.econbiz.de/10012954129
The mothballing option has been studied in the literature, but mainly in decision theoretic frameworks. This paper looks at it from a strategic point of view and applies it to an incumbent-entrant framework. In particular, based on the recent strategic interactions between OPEC and the shale oil...
Persistent link: https://www.econbiz.de/10014090989
This article studies the likely impact of unconventional gas developments in the U.S. on EU competitiveness. We find, first of all, little evidence for a prosperous unconventional gas development in Europe. Second, the U.S. boom has already a strong impact on both world and European energy...
Persistent link: https://www.econbiz.de/10013030220
In 1990, Iraq invaded Kuwait, touching off an economic, financial, diplomatic, and military crisis associated with a tremendous spike in oil prices and recession in OECD and oil-importing developing countries. But was the Gulf Crisis a disruption? Did it affect the fabric of oil trade? To...
Persistent link: https://www.econbiz.de/10005589992
different sub-groups of the cartel is consistent with the characteristics of dominant producers on the world crude oil market in … nor different sub-groups of the cartel can be characterised as a dominant producer in the period 1973-1994. However, we …
Persistent link: https://www.econbiz.de/10011968155
This paper provides the first empirical study of the market structure of the shale gas drilling industry in the United States. Modern shale gas drilling, which is a major revolution in the energy industry, was highly concentrated during its experimental stage, roughly from the early 1980s to the...
Persistent link: https://www.econbiz.de/10010959440
High oil prices are favourable for OPEC in the short run, but may undermine its future revenues. We search for the optimal oil price level for the producer group, using a partial equilibrium model for the oil market. The model explicitly accounts for reserves, development and production in 4...
Persistent link: https://www.econbiz.de/10011968186
Increased focus on shareholder returns, capital discipline and return on capital employed (RoACE) caused a slowdown in investment rates and production growth among international oil companies around the turn of the century. Focusing on supply side dynamics of the oil market, we explore a...
Persistent link: https://www.econbiz.de/10011968281
The security of energy supply is a key geopolitical factor in the relationship between the European Union and the southern neighborhood countries of the Middle East and North Africa region. We study the response of eight Mediterranean economies to exogenous oil supply shocks. We focus on the...
Persistent link: https://www.econbiz.de/10013001020
This paper is the first to assess operational and probabilistic externalities of oil extraction and transportation to Europe on the basis of a comprehensive evaluation of realistic future oil demand-supply scenarios, of the relative relevance of import routes, of the local specificities in terms...
Persistent link: https://www.econbiz.de/10013160215