Almoguera, Pedro A.; Douglas, Christopher C.; Herrera, … - In: Oxford Review of Economic Policy 27 (2011) 1, pp. 144-168
This paper extends the framework of Green and Porter (1984) and Porter (1983a) to encompass the case of a cartel (OPEC) faced by a competitive fringe (non-OPEC oil producers). Estimation of a simultaneous equation switching regression model allows us to examine which market structure better...