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A model for the global crude oil market using a multi-pool MCP approach
Huppmann, Daniel; Holz, Franziska - 2009
-cooperative way. -- Crude oil ; market structure ; cartel ; pool market ; simulation model …
Persistent link: https://www.econbiz.de/10003821875
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Inscrutable OPEC : Behavioral Tests of the Cartel Hypothesis
Smith, James L. - 2015
role of dominant producer within the cartel …
Persistent link: https://www.econbiz.de/10012708235
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Oil Price Developments : Drivers, Economic Consequences and Policy Responses
Brook, Anne-Marie; Price, Robert; Sutherland, Douglas; … - 2004
This paper analyses the factors influencing the price of oil and its likely evolution over the next quarter century. It begins by investigating the fundamental forces shaping long-term oil price developments, highlighting the importance of growth-led demand for oil, particularly that emanating...
Persistent link: https://www.econbiz.de/10012443062
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Mothballing in a duopoly: evidence from a (shale) oil market
Comincioli, Nicola; Hagspiel, Verena; Kort, Peter M.; … - 2020
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/10012306741
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An Analysis of OPEC's Strategic Actions, US Shale Growth and the 2014 Oil Price Crash
Behar, Alberto - 2016
US shale oil production; (ii) the slowdown of global oil demand; (iii) reduced cohesiveness of the OPEC cartel; (iv …
Persistent link: https://www.econbiz.de/10012977842
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Speculation in Commodity Futures Markets, Inventories and the Price of Crude Oil
Byun, Sung Je - 2021
This paper examines the role of inventories in refiners' gasoline production and develops a structural model of the relationship between crude oil prices and inventories. Using data on inventories and prices of oil futures, I show that convenience yields decrease at a diminishing rate as...
Persistent link: https://www.econbiz.de/10013314658
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Not all oil types are alike
Güntner, Jochen; Irlacher, Michael; Öhlinger, Peter - 2023
Motivated by the European Union's debate on sanctioning crude oil imports from Russia, we estimate the elasticity of substitution between different crude oil types. Using European data on country-level crude oil imports by field of origin, we argue that crude oil is not a homogenous good and...
Persistent link: https://www.econbiz.de/10014364721
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Endogenous price commitment, sticky and leadership pricing : evidence from the Italian petrol market
Andreoli Versbach, Patrick; Franck, Jens-Uwe - 2013
This article studies dynamic pricing strategies in the Italian gasoline market before and after the market leader unilaterally announced its commitment to adopt a sticky-pricing policy. Using daily Italian firm level prices and weekly average EU prices, we show that the effect of the new policy...
Persistent link: https://www.econbiz.de/10009777053
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Actions Speak Louder than Words : econometric evidence to target tacit collusion in oligopolistic markets
Andreoli Versbach, Patrick; Franck, Jens-Uwe - 2013
Tacit collusion reduces welfare comparably to explicit collusion but remains mostly unaddressed by antitrust enforcement which greatly depends on evidence of explicit communication. We propose to target specific elements of firms' behavior that facilitate tacit collusion by providing...
Persistent link: https://www.econbiz.de/10009777055
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Imperfect Cartelization in OPEC
Okullo, Samuel Jovan - 2016
restrictive than that of a Cournot-Nash oligopoly, is found to still be more accommodative than that of a perfect cartel. The … participation in the cartel. This is contrary to predictions of the standard cartel model that such producers should be allocated … relatively more stringent quotas. Furthermore, we find that cartel collusion is likely to be sustained for elastic than inelastic …
Persistent link: https://www.econbiz.de/10012996615