and empirical investigation. Under the assumptions of exogenous oil prices and world oil demand, we are able to describe … the relationship between oil production levels and changes in the conditions in world oil markets. Intertemporal … model, oil producers are subject to exogenous shocks in world oil demand and prices. Oil companies can change output levels …

global welfare. In a counterfactual world without non-OPEC oil, global welfare would be 13 trillion US$ higher, 10 trillion …

We use a new micro data set that covers all oil fields in the world to estimate a stochastic industry-equilibrium model … market in a general-equilibrium model of the world economy. We analyze the impact of the advent of fracking on the volatility …