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Lags, Costs, and Shocks : An Equilibrium Model of the Oil Industry
Bornstein, Gideon - 2017
firms act as a cartel. This effort is a first step towards studying the importance of ongoing structural changes in the oil …
Persistent link: https://www.econbiz.de/10012955791
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An Economic Perspective on Mexico's Nascent Deregulation of Retail Petroleum Markets
Davis, Lucas W. - 2018
Retail petroleum markets in Mexico are on the cusp of a historic deregulation. For decades, all 11,000 gasoline stations nationwide have carried the brand of the state-owned petroleum company Pemex and sold Pemex gasoline at federally regulated retail prices. This industry structure is changing,...
Persistent link: https://www.econbiz.de/10012920356
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The Predictive Content of Energy Futures : An Update on Petroleum, Natural Gas, Heating Oil and Gasoline
Chinn, Menzie David - 2014
This paper examines the relationship between spot and futures prices for energy commodities (crude oil, gasoline, heating oil markets and natural gas). In particular, we examine whether futures prices are (1) an unbiased and/or (2) accurate predictor of subsequent spot prices. We find that while...
Persistent link: https://www.econbiz.de/10012752621
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Collusion at the Extensive Margin
Byford, Martin C. - 2014
from, individual markets. We show that this gives rise to a new mechanism by which a cartel can sustain a collusive … more likely to hold than its intensive margin counterpart. Specifically, it is demonstrated that Where duopoly competition … oligopolistic competition with a collusive fringe, and predatory entry. We also provide a theoretic foundation for the use of a …
Persistent link: https://www.econbiz.de/10013053469
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Price Cutting and Business Stealing in Imperfect Cartels
Bernheim, B. Douglas - 2014
it is detected. We propose a theory of "equilibrium price cutting and business stealing" in cartels to bridge this gap … between theory and observation …
Persistent link: https://www.econbiz.de/10013056583
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Sticky Prices, Coordination and Collusion
Driscoll, John C.; Ito, Harumi - 2021
New Keynesian models of price setting under monopolistic competition involve two kinds of inefficiency: the price level …; this is equivalent to modeling firms as an implicit cartel playing a punishment game. We show that coordination can … asymmetric. Implications for the welfare cost of fluctuations also differ from the standard monopolistic competition case …
Persistent link: https://www.econbiz.de/10013249355
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Strategic Use of Antidumping Law to Enforce Tacit International Collusion
Staiger, Robert W.; Wolak, Frank - 2021
We consider the impact of domestic antidumping law in a two-country partial equilibrium model where domestic and foreign firms tacitly collude in the domestic market. Firms engage in an infinitely repeated game, with each period composed of a two-stage game. In the first stage each firm chooses...
Persistent link: https://www.econbiz.de/10013210568
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Concentration Screens for Horizontal Mergers
Nocke, Volker; Whinston, Michael D. - 2022
Concentration-based screens for horizontal mergers, such as those employed in the US DOJ and FTC Horizontal Merger Guidelines, play a central role in merger analysis. However, the basis for these screens, in both form and level, remains unclear. We show that there is both a theoretical and an...
Persistent link: https://www.econbiz.de/10013295875
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The Simple Economics of Commodity Price Speculation
Knittel, Christopher R. - 2013
The price of crude oil in the U.S. never exceeded $40 per barrel until mid-2004. By 2006 it reached$70, and in July 2008 it peaked at $145. By late 2008 it had plummeted to about $30 before increasingto $110 in 2011. Are speculators at least partly to blame for these sharp price changes? We...
Persistent link: https://www.econbiz.de/10013083410
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Oil, Disinflation, and Export Competitiveness : A Model of the "Dutch Disease"
Buiter, Willem H.; Purvis, Douglas D. - 2021
This paper examines three possible sources of "de-industrialization" in an open economy: monetary disinflation, an increase in the international price of oil, and a 'domestic oil discovery. The analysis is conducted using a model which incorporates different speeds of adjustment in goods and...
Persistent link: https://www.econbiz.de/10013247221